Effective January 1, 2004, the annuity benefit for unemployment withdrawal has been increased from $1,300.00 to $1,700.00, per month.  The new $1,700.00 unemployment benefit amount will be processed beginning February 2004 for applications received for the month of January 2004.

Furthermore, in order to be eligible for an annuity benefit for unemployment withdrawal, you have to be unemployed during any calendar month and/or, you have to work less than 60 hours in covered employment during that month.  You may request a monthly payment from your Individual Account equal to the current New Jersey unemployment benefit rate, up to a maximum total benefit of $1,700.00.  Application must be submitted within three months of the month for which you are applying.

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