43:10-7 - Pension fund - New Jersey Statutes

43:10-7.  Pension fund
    A fund to pay pensions under this article shall be created as follows:

    a.  The county treasurer shall deduct from every payment of salary to any county employee who is benefited by this article and pay to the fund, 3% of the  amount of the salary.

    b.  The board of chosen freeholders shall annually raise in the county budget and contribute annually to the fund for a period of 30 years from the date this amendatory act becomes effective an amount as certified by the commission, with the advice of the actuary, to meet the liabilities of the fund.

    c.  All moneys donated for the purpose of the fund and all rewards paid to any county employee while acting as county employee shall be paid over to the board of chosen freeholders of the county to be deposited in the fund.

    If, at any time, there is not sufficient money in the pension fund to pay the pension, the board of chosen freeholders shall, from time to time, include in any tax levy a sum sufficient to meet the requirements of the pension fund.

     Amended by L.1973, c. 345, s. 4, eff. Dec. 27, 1973;  L.1976, c. 106, s. 6, eff. Oct. 18, 1976.