Bill Text: NJ A4720 | 2014-2015 | Regular Session | Introduced
Bill Title: Requires notification of member or retiree of State-administered retirement system under certain circumstances when member or retiree requests change in beneficiary for group life insurance.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2015-12-17 - Substituted by S2432 [A4720 Detail]
Download: New_Jersey-2014-A4720-Introduced.html
Sponsored by:
Assemblyman PAUL D. MORIARTY
District 4 (Camden and Gloucester)
SYNOPSIS
Requires notification of member or retiree of State-administered retirement system under certain circumstances when member or retiree requests change in beneficiary for group life insurance.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the designation of a beneficiary for group life insurance provided through a State-administered retirement system and supplementing chapter 3C of Title 43 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. The Division of Pensions and Benefits in the Department of the Treasury shall provide for the prompt notification in writing of any member or retiree of the Teachers' Pension and Annuity Fund, established pursuant to N.J.S.18A:66-1 et seq., the Judicial Retirement System, established pursuant to P.L.1973, c.140 (C.43:6A-1 et seq.), the Public Employees' Retirement System, established pursuant to P.L.1954, c.84 (C.43:15A-1 et seq.), the Police and Firemen's Retirement System, established pursuant to P.L.1944, c.255 (C.43:16A-1 et seq.), the State Police Retirement System, established pursuant to P.L.1965, c.89 (C.53:5A-1 et seq.), the Alternate Benefit Program, established pursuant to P.L.1969, c.242 (C.18A:66-167 et seq.), and the Defined Contribution Retirement Program, established pursuant to P.L.2007, c.92 (C.43:15C-1 et seq.), when the member or retiree submits a change to the designation of beneficiary for contributory and non-contributory group life insurance available to the member or retiree through the system, that there is on file a judgment, court order, decree, or other legal document for that member or retiree specifically designating the beneficiary of such life insurance. The notification requirement shall apply only when there is a valid judgment, court order, decree, or other legal document that has been filed with the division pursuant to the division's determination to accept and honor such a judgment, court order, decree, or document and that has been reviewed, approved, or classified as qualified by the division.
2. This act shall take effect immediately.
STATEMENT
This bill requires the Division of Pensions and Benefits of the Department of the Treasury to provide for the notification of any member or retiree of a State-administered retirement system, when the member or retiree requests a change in the beneficiary for group life insurance provided to the member or retiree by the system, that there is already on file for that member or retiree a legal document, for example a court-approved domestic relations order, that specifies the beneficiary for such life insurance.
