52:18A-170 - Disposition of deferred, deducted moneys; assets held in trust - New Jersey Statutes

52:18A-170.  Disposition of deferred, deducted moneys; assets held in trust

8.  All moneys which are deferred and deducted in accordance with the provisions of this act and the plan shall remain assets of the State and shall be invested in accord with the provisions of this act and the plan.  The obligation of the State to participating employees and contractors shall be contractual only and no preferred or special interest in the deferred moneys shall accrue to such employees or contractors, except that all assets and income of the plan shall be held in trust for the exclusive benefit of participating employees and their beneficiaries.

L.1978,c.39,s.8; amended 1997, c.116, s.4.