18A:66-93 1966, c. 66, s. 12 (C. 18:13-112.35a)
295 words·~1 min read·
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12. The liabilities established pursuant to section 33(a) of the act to which this act is amendatory and supplementary on account of veteran members employed as teachers on January 1, 1955 shall be proportionately increased for each such school district to cover the additional liabilities created by section 11 of this act for all veterans who were employed as teachers on January 1, 1955 and who are employed as teachers on June 30, 1966. Such increased liabilities shall be paid annually in the manner prescribed by section 33(a) of the act to which this act is amendatory and supplementary over the remainder of the 30-year period established for the liquidation of the liabilities.
1966, c. 66, s. 13 (C. 18:13-112.35b)
13. a. In addition to the amounts required of the State and other employers pursuant to sections 18 and 33 of the act to which this act is amendatory and supplementary, the additional liabilities created by the provisions of this amendatory and supplementary act, except for those provided for under section 12 of this act, shall be computed by the actuary and shall be paid by the State beginning July 1, 1967 through
(1)an increase in the normal rate of contribution and
(2)an accrued liability contribution, which, if paid in each fiscal year, for a period of 30 years, will provide for this accrued liability.
b. The liability created by P.L.1962, chapter 108, shall be recomputed by the actuary and added to the additional liabilities created by the provisions of this amendatory and supplementary act. The recomputed liability shall be paid by the State as part of the payment established by subsection
(a)of this section, allowing a credit for the payments already made by the State towards the funding of this liability.