State Codes and Statutes

Statutes > New-jersey > Title-18a > Section-18a-66 > 18a-66-77

18A:66-77.  Premiums paid from special funds
    In the event the state treasurer shall determine to purchase group insurance  coverage for the noncontributory death benefits, premiums for the same shall be  paid from a special fund, hereby created, called the  "group insurance premium  fund."   The state treasurer shall estimate annually the amount of premiums  which will be required for such benefits for the ensuing fiscal year and shall  certify such amounts to the state and other participating employers as due and  owing from them.  The state and other participating employers shall pay over to  the state treasurer the amount for premiums so certified and the state  treasurer shall deposit these amounts in the group insurance premium fund.   During the period such group insurance policy or policies are in effect the  state treasurer shall in no way commingle moneys in this fund with any pension  fund established under this article.

    In the event that the board of trustees of the teachers' pension and annuity  fund shall determine to purchase group coverage for the additional death  benefits, premiums for same shall be paid from a special fund hereby created  called the  "contributory group insurance premium fund."   While such group  coverage shall be in force, the contributions from the compensation of members  to provide such additional death benefits shall be accumulated in said  contributory group insurance premium fund.  Any dividend or retrospective rate  credit allowed by an insurance company shall be credited to the aforesaid funds  in an equitable manner.
 
L.1967, c.271.