18A:66-24. Interest fund
103 words·~1 min read·
/nj/title-18a/chapter-66/18a-66-24·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
There is hereby created an interest fund in which shall be accumulated interest received on the securities, funds and investments of the retirement system. From this fund the board of trustees shall periodically credit interest to the other funds of the system as provided in this article. Any surplus or deficit developing in the interest fund shall be adjusted from time to time by transfer to or from the contingent reserve fund by appropriate action of the board of trustees. Interest payable to a member or his beneficiary under any provision of this article shall be paid from the interest fund.
L.1967, c.271.