40A:9-17. Deductions for payment to credit unions, or to insurance companies or banks, savings banks or savings and loan associations for individual retirement annuity or account

280 words·~1 min read·/nj/title-40a/chapter-9/40a-9-17

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Whenever any person holding public office, position or employment, whose compensation is paid by any county or municipality or by any board, body, agency or commission thereof, or any board of education, shall indicate in writing to the proper disbursing officer his desire to have any deductions made from his compensation for payment: a. to a credit union, organized under the laws of this State or of the United States, the membership of which is limited to public employees, or b. to an insurance company authorized to do business in this State for the purchase of an individual retirement annuity written on a group or individual basis, as defined by section 408(b) of the Federal Internal Revenue Code of 1954 as amended (26 U.S.C. s. 408(b)), or c. to any State or federally chartered bank, savings bank, or savings and loan association selected by the employer for deposit into an individual retirement account, as defined by section 408(a) of the Federal Internal Revenue Code of 1954 as amended (26 U.S.C. s. 408(a)), such deductions shall be made by the proper disbursing officer, when directed so to do by resolution of the governing body of any county or municipality or by resolution of the board, body, agency or commission or board of education of which he is the disbursing officer, and shall be transmitted to the treasurer of the credit union, insurance company or the bank, savings bank, or savings and loan association.

Any such written authorization may be withdrawn upon filing notice of such withdrawal with the proper disbursing officer.

L.1971, c. 200, s. 1, eff. July 1, 1971. Amended by L.1983, c. 445, s. 1, eff. Jan. 9, 1984.