43:10-18.15j - Payment of costs by employer; commencement of payments; discontinuance - New Jersey Statutes

43:10-18.15j.  Payment of costs by employer;  commencement of payments; discontinuance
    The employer shall bear the cost of the increase in the pensions payable to  retirants who retired from the employ of such employer.  The employer shall  appropriate the amount in the fiscal year next following, taking into account  payments made to retirants of such employer and prospective payments to be made  to such retirants in the following year.

    The increase in pensions provided for under this act shall commence provided, that there is appropriated the amount certified by the Director of the Division of Pensions of the State Department of the Treasury to the Director of the State Division of Budget and Accounting as set forth in the Pension Increase Act (P.L.1969, c. 169).  The increase in pensions shall continue to be paid as long as there shall be appropriated the amounts so certified.  In the event that the necessary funds are not so appropriated, the increase in pensions shall cease;  no further payments shall be made by the employer;  a refund shall be made by the retirement system to the employer of any balance unexpended on its account.

     L.1971, c. 102, s. 4.