43:10-59.3. Termination of pension fund established for certain county probation officers
148 words·~1 min read·
/nj/title-43/chapter-10/43-10-59-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. Any pension fund established for county probation officers under this article (R.S.43:10-45 et seq.) in a county having a population of at least 250,000 but not greater than 375,000 according to the 1990 federal decennial census shall be terminated as of the first day of the fourth month following the effective date of this act. The obligations of the fund with respect to the payment of pensions to retirants, beneficiaries and survivors under this article shall, upon termination of the fund, become obligations of the county.
Any assets of the fund not already held in the name of the county shall become assets of the county, but the county shall hold those assets and any income, profit or gain derived therefrom in trust for those retirants, beneficiaries and survivors for so long as they continue to be qualified for benefits under the provisions of this article.
L.1994,c.23,s.1.