18A:66-25 Interest allowed on funds.
95 words·~1 min read·
/nj/title-18a/chapter-66/18a-66-25·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The board of trustees at the end of each fiscal year shall allow interest on the balance of the contingent reserve fund, the annuity savings fund, the retirement reserve fund, pension fund, benefit enhancement fund and the members' death benefit fund as of the beginning of said fiscal year at the regular interest rate applicable thereto to cover the interest creditable to the respective funds for the year. The amount so allowed shall be due and payable to said funds and shall be credited annually thereto by the board.
L.1967, c.271; amended 2001, c.133, s.3.