43:10-18.77 - Increase of county contributions - New Jersey Statutes

43:10-18.77.  Increase of county contributions
    In addition to the contributions of the county prescribed in the act to which this act is amendatory and supplementary, in fiscal year 1967 the county shall increase its contributions by 1% of the amount of the salaries paid to all members of the pension fund in 1966 and in each fiscal year thereafter the contribution of the county required by the provisions of this act shall be increased over the previous percentage by an additional 1% of the salaries paid  to all members of the pension fund in the immediately preceding year until the  actuary shall certify to the county that the total of the contributions made by  the county, together with the contributions of the members and all earnings, is  sufficient to meet the liabilities of the fund on a fully funded, reserve  basis.

    The actuary of the fund shall then certify the rate of contribution, expressed as a proportion of the compensation of the members, which shall be made by the county to the fund in order to continue the fund on a fully funded,  reserve basis once the fund has achieved a fully funded status on the basis of  increased contributions by the county and the members.

     L.1966, c. 210, s. 11.