New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 2 - PUBLIC EMPLOYEES' RETIREMENT SYSTEM › Subchapter 6 - RETIREMENT › Section 17:2-6.1 - 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 System 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 before the requested date of retirement. A member's retirement
				application becomes effective on the first of the month following receipt of
				application unless a future date is requested. Applications can be filed no
				more than one year in advance unless filing for a deferred retirement and the
				member's PERS-eligible employment has ended. Members enrolled in multiple PERS
				positions on or before May 21, 2010, who have not had break in service after
				May 21, 2010, pursuant to the provisions of
N.J.S.A.
				43:15A-25
.2, 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, except the employer certification, shall be
				brought to the member's attention and the member shall be required to provide
				the additional information within 90 days 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 that the employer is
				required to provide.
(c) A member
				who enrolls in the System after May 21, 2010, is not eligible to apply for a
				disability retirement, pursuant to
				N.J.S.A.
				43:15A-42. 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
N.J.A.C. 17:2-6.2
, 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
N.J.S.A.
				43:15A-50
, 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.
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.