52:18A-116 - Accounts of variable division - New Jersey Statutes

52:18A-116.  Accounts of variable division
    The Variable Division shall consist of the following accounts:

    a.  The Variable Accumulation Account shall be the account to which the contributions of participants in the Variable Division are credited.  An individual account shall be maintained in the Variable Accumulation Account for  each participant in the Variable Division.

    b.  The Variable Benefit Account shall be the account from which variable benefits are paid.  Upon retirement of a participant in the Variable Division, his account in the Variable Accumulation Account shall be transferred to the Variable Benefit Account.

    c.  The Variable Reserve Account shall be the account to which all investment earnings or losses of the Variable Division shall be credited or charged.  Such investment earnings or losses shall be determined at least quarter-annually in accordance with accepted accounting practices and shall reflect appreciation and depreciation in the market value of investments. Mortality adjustments of the Variable Benefit Account, determined in accordance with rules and regulations adopted by the council with the advice of  the actuary, shall be charged or credited to this Variable Reserve Account.   The balance in this account shall then be distributed to the Variable Benefit  Account and to the individual accounts in the Variable Accumulation Account in  accordance with rules and regulations of the council.

     L.1963, c. 123, s. 10.