43:10-110 - Payment of pensions; pension fund; tax levy - New Jersey Statutes

43:10-110.  Payment of pensions;  pension fund;  tax levy
    Persons who may become entitled to pensions under this act shall be paid such pensions monthly.  A fund shall be created in the following manner for the  purpose of paying such pensions, to wit:  There shall be deducted from every  payment of salary to each county superintendent of weights and measures and  each assistant county superintendent of weights and measures three per centum  (3%) of the amount thereof;  then there shall be contributed by the county an  amount equivalent of three per centum (3%) of said salary;  to said sum there  shall be added all moneys donated for the purpose of such fund; and all  rewards which may be paid to any county superintendent of weights and measures  or assistant county superintendent of weights and measures while acting in  their official capacity, all of which moneys and rewards shall be paid over to  the governing body of the county to be deposited in said fund. In case, at any  time, there shall not be sufficient money in said pension fund to pay such  pensions the governing body of the county shall from time to time include in  any tax levy a sum sufficient to meet the requirements of such pension fund.   Whenever such pension fund shall exceed the amount which the governing body of  such county shall by resolution from time to time determine to be adequate for such pension fund, no moneys, except the three per centum (3%) specified in this act, and the moneys given or donated as herein mentioned and any of the aforementioned rewards, shall be paid in the said fund, unless and until the amount of such fund shall fall below the amount then determined to be adequate.

     L.1938, c. 397, p. 986, s. 5.