43:10-69 - Creation of pension fund; contributions - New Jersey Statutes

43:10-69.  Creation of pension fund;  contributions    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 sheriff's employee three per cent of the amount thereof;  then there shall be contributed  annually by the county an amount equivalent to three per cent of said sheriff's  employees' salaries;  to the said fund there shall be added all moneys donated  for the purpose of such fund and all rewards which may be paid to any sheriff's  employee while acting as such employee, all of which moneys and rewards shall  be paid over to the board of chosen freeholders of the county to be deposited  in such fund.  In case, at any time, there shall not be sufficient money in  such pension fund to pay such pensions, the board of chosen freeholders 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 an amount which the board of chosen freeholders of such county shall by  resolution from time to time determine to be adequate for such pension fund, no  moneys, except the three per cent specified in this section, and the moneys  given or donated as herein mentioned, and any aforementioned rewards, shall and any aforementioned rewards, shall be paid into such fund, unless and until the  amount of such fund shall fall below the amount thus determined to be adequate.