53:5A-41 - Inapplicability of other provisions; necessity for creation of reserves - New Jersey Statutes

53:5A-41.  Inapplicability of other provisions;  necessity for creation of reserves
    a.  No other provision of the law in any other statute which provides wholly  or partly at the expense of the State of New Jersey for pensions or retirement  benefits for members of this system and for beneficiaries shall apply to such  members or beneficiaries.

    b.  Notwithstanding anything to the contrary, the retirement system shall not be liable for the payment of any pensions or other benefits to any member or beneficiary for which reserves have not been previously created from funds contributed by the members or the State for such benefits.

     L.1965, c. 89, s. 41, eff. July 1, 1965.