N.J.S.A. 43:16A-16.2 — Repayment of loans after retirement of member of PFRS.

43:16A-16.2 Repayment of loans after retirement of member of PFRS. 2. In the case of any member who retires without repaying the full amount so borrowed, the board of trustees shall deduct from the retirement benefit payments the same monthly amount which was deducted from the compensation of the member immediately preceding retirement until the balance of the amount borrowed together with the interest is repaid. In the case of a pensioner who dies before the outstanding balance of the loan and interest thereon has been recovered, the remaining balance shall be repaid from the proceeds of any other benefits payable on the account of the pensioner either in the form of monthly payments due to his beneficiaries or in the form of lump sum payments payable for pension or group life insurance. L.1981, c.370, s.2; amended 1988, c.134, s.3; 1999, c.132, s.3; 2007, c.92, s.39; 2018, c.55, s.19. 43:16A-16.9. Definitions 2. As used in this act: "Mortgage loan" means any indebtedness secured by a mortgage on a residential property, which mortgage shall constitute a first lien on the property; "Residential property" means any real property including land or, in the case of condominiums, an interest in a lot of land, which real property shall consist of a single one or two family dwelling, including appropriate garages or other outbuildings, or unimproved real property if the proceeds of the mortgage loan shall be used exclusively for the purposes of erecting such a single one or two family dwelling thereon. L.1992,c.78,s.2.

This is the verbatim text of N.J.S.A. 43:16A-16.2, 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.