43:10-41. Pension fund

210 words·~1 min read·/nj/title-43/chapter-10/43-10-41

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 in the respective counties, as follows:

a. If a member of the county police department shall have entered the service on or before the age of thirty-five years, two per cent of the amount of every salary payment to him shall be deducted and if he entered the service after the age of thirty-five years, this percentage shall be increased to such an amount as shall be determined by the pension commission to correspond to the risk arising by the additional age of the member.

b. The county shall raise by taxation and pay into the fund yearly an amount equal to four per cent of the total salaries paid to the members of the police department.

c. All fines imposed on any member of the department, moneys given or donated to the fund, moneys deducted from the salary of a member because of absence or loss of time and one-half of all rewards paid for any purpose shall be added to the fund.

If there is not sufficient money in the fund, the board of chosen freeholders shall include in any tax levy a sum sufficient to meet the requirements of the fund for the time being.