State Codes and Statutes

Statutes > New-jersey > Title-53 > Section-53-5a > 53-5a-35

53:5A-35.  Annuity savings fund
    The Annuity Savings Fund shall be the fund in which shall be credited aggregate contributions by members or on their behalf to provide for their allowances.  The aggregate contributions of a member withdrawn by him or paid to his estate or his designated beneficiary in the event of his death as provided in this act shall be paid from the Annuity Savings Fund.  Upon the retirement of a member where the aggregate contributions of the member are to be provided in the form of an annuity, the aggregate contributions of the member shall be transferred from the Annuity Savings Fund to the Retirement Reserve Fund.

     L.1965, c. 89, s. 35, eff. July 1, 1965.  Amended by L.1971, c. 181, s. 24, eff. June 1, 1971.