43:16A-53 - Purchase of group life insurance coverage by state treasurer to  provide for death benefits

43:16A-53.  Purchase of group life insurance coverage by state treasurer to  provide for death benefits
    The State Treasurer is hereby authorized and permitted to purchase from one  or more life insurance companies, as determined by him, a group life insurance  coverage to provide for the death benefits specified in sections 5, 6, 7(3), 9  and 10(5) of chapter 255 of the laws of 1944 and sections 16 and 17 of chapter  241 of the laws of 1964.  Such group life insurance coverage may be provided  under one or more policies issued to the State Treasurer specifically for this  purpose or, in the discretion of the State Treasurer, under one or more  policies issued to the State Treasurer which provide group life insurance  coverage for members of one or more other retirement systems of the State of  New Jersey.  Whenever such policy or policies of group insurance shall be in  effect, the benefits payable thereunder shall be in lieu of the above mentioned  death benefits provided by said sections.  Any dividend or retrospective rate  credit allowed by an insurance company shall be credited in an equitable manner  to the special insurance funds from which premiums are paid.

     L.1964, c. 241, s. 20, eff. Jan. 1, 1965.  Amended by L.1967, c. 250, s. 18, eff. Dec. 18, 1967.