43:16-7 - Trustees of funds; rules and regulations; payment of moneys and assets to state treasurer; exemptions for pension payments; investments - New Jersey Statutes

43:16-7.  Trustees of funds;  rules and regulations;  payment of moneys and  assets to state treasurer;  exemptions for pension payments; investments
    The commission shall be and are hereby constituted trustees of all the funds  established by this act.  The commission may make all necessary rules and  regulations with regard thereto.  Such rules and regulations shall be consistent with those adopted by the other pension funds within the Division of  Pensions in order to permit the most economical and uniform administration of  all such retirement systems.  All moneys and assets of and belonging to the  funds consolidated and required by this chapter to be consolidated and transferred to the pension fund, together with all increments and contributions  thereto shall be received and paid over to the State Treasurer, whose official  bond shall cover the same.  No moneys shall be paid out of the consolidated  fund except upon the warrant of the fund, signed by the chairman and secretary.   All pensions granted under this chapter shall be exempt from execution,  garnishment, attachment, sequestration or other legal process. All moneys not  needed for the immediate payment of pensions under this chapter shall be  invested for the commission by the Director of the Division of Investment  established pursuant to the provisions of chapter 270 of the laws of 1950,  subject to the limitations contained in section 11 of said chapter.  A member  of the commission, to be designated by a majority vote thereof, shall serve on  the State Investment Council as a representative of said commission.

     Amended by L.1941, c. 86, p. 198, s. 1;  L.1943, c. 77, p. 294, s. 1; L.1944,  c.253, p. 829, s. 8;  L.1952, c. 358, p. 1158, s. 6;  L.1971, c. 179, s. 2, eff. June 1,  1971.