18A:66-22 - Pension fund - New Jersey Statutes

18A:66-22.  Pension fund
    The pension fund of the retirement system is the fund in which shall be accumulated the reserves for the payment of pensions to present-entrant members  other than veterans, and from it shall be paid all retirement allowances of  such present-entrant members and of all beneficiaries of the Teachers' Pension  and Annuity Fund who, as of January 1, 1956, were receiving pensions from the  pension fund.  All reserves for the payment of annuities to persons receiving  pensions from the pension fund, as of January 1, 1956 are hereby transferred  from the former annuity reserve fund to the pension fund. Upon the retirement  of a present-entrant member, the accumulated deductions of the member shall be  transferred from the annuity savings fund to the pension fund.  The retirement  system shall annually transfer from the contingent reserve fund to the pension  fund the annual State and employer contributions on account of present-entrant  members as computed in accordance with section 18A:66-18.  Any surplus or  deficit developing in the pension fund shall be adjusted from time to time by transfer to or from the contingent reserve fund by the appropriate action of the retirement system upon the advice of the actuary.

L.1967, c.271; amended by L.1971, c. 121, s. 12, eff. April 29, 1971.