State Codes and Statutes

Statutes > New-jersey > Title-52 > Section-52-18a > 52-18a-119

52:18A-119.  Accounts of fixed division
    The Fixed Division shall consist of the following accounts:

    a.  The Fixed Accumulation Account shall be the account to which contributions of participants in the Fixed Division are credited.  An individual account shall be maintained in the Fixed Accumulation Account for each participant in the Fixed Division.

    b.  The Fixed Benefit Account shall be the account from which fixed benefits  are paid.  Upon retirement of a participant in the Fixed Division, his account  in the Fixed Accumulation Account shall be transferred to the Fixed Benefit  Account.

    c.  The Fixed Reserve Account shall be the account to which all investment earnings or losses of the Fixed Division shall be credited or charged.  Such investment earnings or losses shall be determined as of the end of each fiscal year in accordance with accepted accounting practices. Interest bearing investments shall be valued so that the yield to maturity will remain uniform. Earnings shall include profits or losses on the sale of investments, but no adjustment in the book value of investments shall be made by reason of fluctuations in current market prices.  Mortality adjustments of the Fixed Benefit Account, determined in accordance with rules and regulations adopted by  the council with the advice of the actuary, shall be charged or credited to  this Fixed Reserve Account.  This account shall also be charged with the amount  of interest required to be credited to the Fixed Benefit Account and with the  interest to be credited to the individual accounts in the Fixed Accumulation  Account.  The interest to be credited to the individual accounts in the Fixed  Accumulation Account shall be at rates established by the council from time to  time and shall be credited on the basis of balances in such accounts at the  beginning of the fiscal year.

     L.1963, c. 123, s. 13.
 

State Codes and Statutes

Statutes > New-jersey > Title-52 > Section-52-18a > 52-18a-119

52:18A-119.  Accounts of fixed division
    The Fixed Division shall consist of the following accounts:

    a.  The Fixed Accumulation Account shall be the account to which contributions of participants in the Fixed Division are credited.  An individual account shall be maintained in the Fixed Accumulation Account for each participant in the Fixed Division.

    b.  The Fixed Benefit Account shall be the account from which fixed benefits  are paid.  Upon retirement of a participant in the Fixed Division, his account  in the Fixed Accumulation Account shall be transferred to the Fixed Benefit  Account.

    c.  The Fixed Reserve Account shall be the account to which all investment earnings or losses of the Fixed Division shall be credited or charged.  Such investment earnings or losses shall be determined as of the end of each fiscal year in accordance with accepted accounting practices. Interest bearing investments shall be valued so that the yield to maturity will remain uniform. Earnings shall include profits or losses on the sale of investments, but no adjustment in the book value of investments shall be made by reason of fluctuations in current market prices.  Mortality adjustments of the Fixed Benefit Account, determined in accordance with rules and regulations adopted by  the council with the advice of the actuary, shall be charged or credited to  this Fixed Reserve Account.  This account shall also be charged with the amount  of interest required to be credited to the Fixed Benefit Account and with the  interest to be credited to the individual accounts in the Fixed Accumulation  Account.  The interest to be credited to the individual accounts in the Fixed  Accumulation Account shall be at rates established by the council from time to  time and shall be credited on the basis of balances in such accounts at the  beginning of the fiscal year.

     L.1963, c. 123, s. 13.
 

State Codes and Statutes

State Codes and Statutes

Statutes > New-jersey > Title-52 > Section-52-18a > 52-18a-119

52:18A-119.  Accounts of fixed division
    The Fixed Division shall consist of the following accounts:

    a.  The Fixed Accumulation Account shall be the account to which contributions of participants in the Fixed Division are credited.  An individual account shall be maintained in the Fixed Accumulation Account for each participant in the Fixed Division.

    b.  The Fixed Benefit Account shall be the account from which fixed benefits  are paid.  Upon retirement of a participant in the Fixed Division, his account  in the Fixed Accumulation Account shall be transferred to the Fixed Benefit  Account.

    c.  The Fixed Reserve Account shall be the account to which all investment earnings or losses of the Fixed Division shall be credited or charged.  Such investment earnings or losses shall be determined as of the end of each fiscal year in accordance with accepted accounting practices. Interest bearing investments shall be valued so that the yield to maturity will remain uniform. Earnings shall include profits or losses on the sale of investments, but no adjustment in the book value of investments shall be made by reason of fluctuations in current market prices.  Mortality adjustments of the Fixed Benefit Account, determined in accordance with rules and regulations adopted by  the council with the advice of the actuary, shall be charged or credited to  this Fixed Reserve Account.  This account shall also be charged with the amount  of interest required to be credited to the Fixed Benefit Account and with the  interest to be credited to the individual accounts in the Fixed Accumulation  Account.  The interest to be credited to the individual accounts in the Fixed  Accumulation Account shall be at rates established by the council from time to  time and shall be credited on the basis of balances in such accounts at the  beginning of the fiscal year.

     L.1963, c. 123, s. 13.