N.J. Stat. § 52:18A-121: Single cash payment for participant ceasing to be member of retirement system

Any participant who ceases to be a member of a State administered retirement system and who does not qualify and apply for benefits under another provision of this act shall be paid a single cash payment. The amount of such payment shall be an amount equal to the value of his account as of the last day of the calendar month in which he ceases to be a member of a State administered retirement system.

L.1963, c. 123, s. 15.