New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 3 - TEACHERS' PENSION AND ANNUITY FUND › Subchapter 6 - RETIREMENT › Section 17:3-6.1 - Applications

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Applications for retirement must be made
				over the Internet, using the online forms required by the Fund through a
				member's secure account established through the Member Benefits Online System
				(MBOS). Such forms must be completed in all respects and filed with the
				Division on or before the requested date of retirement. Applications for
				retirement can be filed no more than one year in advance, except that a member
				whose TPAF-eligible employment has ended may file for deferred retirement at
				any time after the employment has ended. A member's retirement application
				becomes effective on the first of the month following receipt of the
				application unless a future date is requested. Members enrolled at multiple
				TPAF locations on or before May 21, 2010, who have not had a pension reporting
				period without pay (break in service) after May 21, 2010, pursuant to the
				provisions of 18A:66-4, must retire from employment in all covered positions
				before a retirement shall become effective.
(b) Except for a disability retirement
				application, in the event a member files an incomplete application, all
				deficiencies shall be brought to the member's attention and the member shall be
				required to provide the additional information within 90 days from the date of
				notice of the deficiency to enable processing. If there is no response within
				the 90-day time frame, the application will expire and the member will be
				required to refile, pursuant to the requirements set forth in (a) above. This
				subsection shall not apply to information required to be provided by the
				employer.
(c) A member who enrolls
				in the Fund after May 21, 2010, is not eligible to apply for a disability
				retirement, pursuant to 18A:66-39. Instead, the member may be eligible for
				disability insurance coverage.
(d)A
				member shall, on the retirement application, select one of nine ways (options)
				to receive retirement benefits. Each option provides the member with a lifetime
				monthly retirement benefit. Once a retirement benefit becomes due and payable
				as defined by 17:3-6.2, the option cannot be changed. Except under the Maximum
				Option and Option 1, once a member designates a pension beneficiary, that
				beneficiary cannot be changed. The options, as established by 18A:66-47,
				include the following:
1. Maximum Option
				provides the largest allowance for the member but does not include a pension
				benefit paid to a beneficiary upon the member's death. If the total amount of
				retirement allowances received by a member or beneficiary under the option
				selected is less than the value of the member's contributions and regular
				interest on those contributions, the balance of contributions and regular
				interest shall be paid in a lump sum to the member's designated beneficiary or
				estate.
2. Option 1 provides a
				reducing retirement reserve to one or more beneficiaries. At retirement, a
				reserve amount is established to pay the member's lifetime retirement
				allowance. This reserve is reduced each month by the member's original monthly
				retirement allowance. Upon the member's death, the beneficiary or beneficiaries
				receive the balance of the reserve, if any.
3. Option 2 provides, upon the member's
				death, a lifetime monthly retirement allowance equal to 100 percent of the
				member's monthly retirement allowance to a beneficiary.
4. Option 3 provides, upon the member's
				death, a lifetime monthly retirement allowance equal to 50 percent of the
				member's monthly allowance to a beneficiary.
5. Option 4 provides, upon the member's
				death, a lifetime monthly retirement allowance to one or more beneficiaries.
				The member determines the retirement allowance which in the aggregate cannot be
				more than the Option 2 allowance.
6. Option A provides, upon the member's
				death, a lifetime monthly retirement allowance equal to 100 percent of the
				member's monthly retirement allowance to a beneficiary. If the member's
				beneficiary predeceases the member, the member's retirement allowance shall
				increase to the Maximum Option.
7.
				Option B provides, upon the member's death, a lifetime monthly retirement
				allowance equal to 75 percent of the member's monthly retirement allowance to a
				beneficiary. If the member's beneficiary predeceases the member, the member's
				retirement allowance shall increase to the Maximum Option.
8. Option C provides, upon the member's
				death, a lifetime monthly retirement allowance equal to 50 percent of the
				member's monthly retirement allowance to a beneficiary. If the member's
				beneficiary predeceases the member, the member's retirement allowance shall
				increase to the Maximum Option.
9.
				Option D provides, upon the member's death, a lifetime monthly retirement
				allowance equal to 25 percent of the member's monthly retirement allowance to a
				beneficiary. If the member's beneficiary predeceases the member, the member's
				retirement allowance shall increase to the Maximum Option.