You may not file for retirement during the extension. Finally, you always have the option to withdraw your contributions. If you have at least 3 years of credited service, in addition to the return of your contributions, you will receive a minimal amount of interest. You may elect to continue any or all of these coverages. You would pay group rate plus a two percent administration fee for the extended coverage.
Most employees have group life insurance coverage through the pension plan while employed.
If you are not retiring, your life insurance ends 31 days after you terminate employment. If you apply for a Deferred Retirement, your life insurance ends 31 days after your termination from employment and reinstates, at the decreased retired amount, upon your effective retirement. The Prudential Insurance Company of America underwrites the pension plans' group life insurance. By converting from a group policy to a non-group policy with Prudential, you cannot be denied coverage for health reasons. If you are enrolled in the New Jersey State Employees Deferred Compensation Plan and terminate employment, you must make decisions regarding your account.