43:6A-36 - Obligations of act as obligations of state; budget and appropriation of amounts to meet obligations - New Jersey Statutes

43:6A-36.  Obligations of act as obligations of state;  budget and appropriation of amounts to meet obligations
    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 pensions, retirement allowances, and other benefits granted by the State House Commission under the provisions of this act 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.

    Upon the basis of such actuarial determination and appraisal provided for in  this act an itemized estimate of the amounts necessary to be appropriated by  the State to the various funds to provide for the payment in full during the  ensuing fiscal year of the obligations of the State accruing during that year  shall be submitted by the retirement system to the Governor so that it may be  included in the budget request submitted by the Governor to the Legislature.   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.1973, c. 140, s. 36, eff. May 22, 1973.  Amended by L.1981, c. 470, s. 17, eff. Jan. 19, 1982.