State Codes and Statutes

Statutes > New-jersey > Title-18a > Section-18a-66 > 18a-66-27

18A:66-27.  Special reserve fund
    The special reserve fund shall be the fund to which any earnings in excess of the amounts annually allowed under the provisions of section 18A:66-25 shall  be transferred.  No additional amounts shall be credited to the special reserve  fund at any time when the total accumulations in such fund shall equal 1% of  the book value of the investments of the retirement system.  In this event, any  such excess shall be credited to the contingent reserve fund. All losses from  the sale of securities shall be charged against the special reserve fund.  The  special reserve fund shall be considered for valuation purposes by the actuary  as an asset of the retirement system.

L.1967, c.271; amended by L.1971, c. 121, s. 13, eff. April 29, 1971.