18A:66-22 - Pension fund
18A:66-22.Ā Pension fund
The pension fund of the retirement system is the fund in which shall be accumulated the reserves for the payment of pensions to present-entrant membersĀ other than veterans, and from it shall be paid all retirement allowances ofĀ such present-entrant members and of all beneficiaries of the Teachers' PensionĀ and Annuity Fund who, as of January 1, 1956, were receiving pensions from theĀ pension fund.Ā All reserves for the payment of annuities to persons receivingĀ pensions from the pension fund, as of January 1, 1956 are hereby transferredĀ from the former annuity reserve fund to the pension fund. Upon the retirementĀ of a present-entrant member, the accumulated deductions of the member shall beĀ transferred from the annuity savings fund to the pension fund.Ā The retirementĀ system shall annually transfer from the contingent reserve fund to the pensionĀ fund the annual State and employer contributions on account of present-entrantĀ members as computed in accordance with section 18A:66-18.Ā Any surplus orĀ deficit developing in the pension fund shall be adjusted from time to time by transfer to or from the contingent reserve fund by the appropriate action of the retirement system upon the advice of the actuary.
L.1967, c.271; amended by L.1971, c. 121, s. 12, eff. April 29, 1971.
Ā
The pension fund of the retirement system is the fund in which shall be accumulated the reserves for the payment of pensions to present-entrant membersĀ other than veterans, and from it shall be paid all retirement allowances ofĀ such present-entrant members and of all beneficiaries of the Teachers' PensionĀ and Annuity Fund who, as of January 1, 1956, were receiving pensions from theĀ pension fund.Ā All reserves for the payment of annuities to persons receivingĀ pensions from the pension fund, as of January 1, 1956 are hereby transferredĀ from the former annuity reserve fund to the pension fund. Upon the retirementĀ of a present-entrant member, the accumulated deductions of the member shall beĀ transferred from the annuity savings fund to the pension fund.Ā The retirementĀ system shall annually transfer from the contingent reserve fund to the pensionĀ fund the annual State and employer contributions on account of present-entrantĀ members as computed in accordance with section 18A:66-18.Ā Any surplus orĀ deficit developing in the pension fund shall be adjusted from time to time by transfer to or from the contingent reserve fund by the appropriate action of the retirement system upon the advice of the actuary.
L.1967, c.271; amended by L.1971, c. 121, s. 12, eff. April 29, 1971.
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