43:15A-37 - Obligations of State; basis of State's appropriation - New Jersey Statutes

43:15A-37.  Obligations of State;  basis of State's appropriation
    Regular interest charges payable, the creation and maintenance of reserves in the contingent reserve fund, the maintenance of retirement reserves as provided for in this act and the payment of all retirement allowances and other  benefits granted by the board of trustees under the provisions of this act,  except the amounts payable by other employers, are hereby made obligations of  the State.  All income, interest and dividends derived from deposits and  investments authorized by this act shall be used for the payment of these  obligations of the State and other employers.

    Upon the basis of each actuarial determination and appraisal provided for in  this act, the board of trustees shall submit to the Governor in each year an  itemized statement of the amounts necessary to be appropriated by the State to  provide for payment in full during the ensuing fiscal year of the obligations  of the State accruing during that year.  The Legislature shall make an  appropriation sufficient to provide for such obligations of the State.  The  amounts so appropriated shall be paid into the contingent reserve fund.

     L.1954, c. 84, p. 495, s. 37.  Amended by L.1971, c. 213, s. 15, eff. June 17,  1971.