43:13-9 - Pension fund; exemption from taxation and process - New Jersey Statutes

43:13-9.  Pension fund;  exemption from taxation and process
    For the purpose of paying the pensions a fund shall be created in each city  where this article takes effect, as follows:

    a.  There shall be deducted from every payment of salary to a municipal employee benefited by this article 3% of the amount thereof and if any employee  shall hereafter enter the service of the municipality after reaching the age of  35 years, such percentage shall be increased to such an amount as shall be  determined by the pension commission to correspond to the risk arising by the  age of such employee.

    b.  The city shall raise by taxation and pay into the fund yearly an amount  equal to 4% of the total salaries paid to the employees who shall benefit by  this article.

    c.  There shall be added to such fund all fines imposed upon any such employee, all moneys given or donated to the fund, all moneys deducted from the  salary of such employee because of absence or loss of time due to suspension  and   1/2   of all rewards paid for any purpose to such employees.

    If there shall not be sufficient money in the fund so created, the governing  body of such city shall include in any tax levy a sum sufficient to meet the  requirements of the fund for the time being.

    All pensions granted under this article shall be exempt from any State or municipal tax, levy and sale, garnishment or attachment or any other process whatsoever, and shall be unassignable, except for the purpose and to the extent  necessary to authorize, with the member's or pensioner's consent, deductions of  premiums for group hospitalization and medical-surgical insurance.

     Amended by L.1959, c. 84, p. 210, s. 1.