N.J.S.A. 18A:66-175 — Termination of membership or participation.

18A:66-175 Termination of membership or participation. 9. Membership or participation in the alternate benefit program shall terminate and the individual shall be considered retired once he has elected to receive a distribution of the value of his accounts in a direct payout, a rollover, an annuity, or a combination thereof. Any such distribution shall occur only upon separation from service, unless the individual is a participant in a transition to retirement program that meets the requirements for such programs established by the Division of Pensions and Benefits. L.1969, c.242, s.9; amended 1993, c.385, s.7; 2013, c.120, s.1.

This is the verbatim text of N.J.S.A. 18A:66-175, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.