43:10-34. Pension fund

194 words·~1 min read·/nj/title-43/chapter-10/43-10-34

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

For the purpose of paying the pensions a fund shall be created as follows:

a. There shall be deducted from every payment of salary to each member of the police force one per cent of the amount thereof.

b. There shall be added to the fund all fines imposed on any member of the police force and all moneys given or donated for the purpose of the fund.

If at any time there is not sufficient money in this pension fund to pay the pensions, the board of chosen freeholders of the county shall include in any tax levy a sum sufficient to meet the requirements of the fund, but this sum shall be raised by tax levy no longer than is necessary to meet the requirements of the pension fund. When the pension fund exceeds an amount which the board of chosen freeholders of the county from time to time determines, by resolution, to be adequate for the pension fund, no moneys except those specified in paragraphs "a" and "b" of this section shall be paid into the fund, unless and until the fund falls below the amount so determined to be adequate.