43:7-25. Members of State Employees' Retirement System; right to accumulated deductions with interest

220 words·~1 min read·/nj/title-43/chapter-7/43-7-25

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Any employee of the State, eligible for membership in the prison officers pension fund, who, at the time of joining said prison officers pension fund, was or shall be a member of the State Employees' Retirement System, shall, upon application, of which ten days' notice shall be given, receive, upon demand, without prejudice to any benefit to which he may be entitled under any other law, his accumulated deductions in said State Employees' Retirement System, that is to say, the sum of all the amounts deducted from his compensation or contributed by him standing to the credit of his individual account in the annuity savings fund of said system together with interest at four per centum (4%) per annum compounded annually to the date of such demand.

Any such employee of the State, who has joined such prison officers pension fund and has received from the State Employees' Retirement System the amount of his payments made to said system, without interest, shall be entitled to receive, in like manner and upon like notice, the difference between the amount so paid to him and his accumulated deductions, as in this section defined, as of the date of his withdrawal from said State Employees' Retirement System.

L.1941, c. 220, p. 636, s. 19. Amended by L.1943, c. 186, p. 518, s. 1.