43:13-22.51 - Retirement system
43:13-22.51.Ā Retirement system
In each city, as defined in this act, an employees' retirement system shallĀ be and is hereby created, set apart, maintained and administered in the mannerĀ prescribed in this act, for the benefit of employees of such city and theĀ widows, widowers, minor children and dependent parents of such employees; andĀ also of all contributors to, participants in, and beneficiaries of any pensionĀ fund in operation in such city, at the time of the effective date of this act,Ā under and by virtue of article 2, chapter 13, Title 43 of the Revised Statutes. The retirement system so created shall have the powers and privileges of aĀ corporation and in no event shall be liable for the payment of any pension orĀ other benefits payable on account of members or their dependents for whichĀ reserves have not been previously created from funds contributed by the city orĀ by the members for such benefits.
L.1964, c. 275, s. 2.
Ā
In each city, as defined in this act, an employees' retirement system shallĀ be and is hereby created, set apart, maintained and administered in the mannerĀ prescribed in this act, for the benefit of employees of such city and theĀ widows, widowers, minor children and dependent parents of such employees; andĀ also of all contributors to, participants in, and beneficiaries of any pensionĀ fund in operation in such city, at the time of the effective date of this act,Ā under and by virtue of article 2, chapter 13, Title 43 of the Revised Statutes. The retirement system so created shall have the powers and privileges of aĀ corporation and in no event shall be liable for the payment of any pension orĀ other benefits payable on account of members or their dependents for whichĀ reserves have not been previously created from funds contributed by the city orĀ by the members for such benefits.
L.1964, c. 275, s. 2.
Ā