43:15A-33 - Interest on fund balances - New Jersey Statutes

43:15A-33  Interest on fund balances.

33.The board of trustees at the end of each fiscal year shall allow interest on  the balance of the annuity savings fund, contingent reserve fund, the retirement reserve fund, benefit enhancement fund and the members' death benefit fund as of the beginning  of said fiscal year at the regular interest rate applicable thereto to cover  the interest creditable to the respective funds for the year.  The amount so  allowed shall be due and payable to said funds and shall be credited annually  thereto by the board.

L.1954,c.84,s.33; amended 1954, c.244, s.5; 2001, c.133, s.10.