43:15A-112. Termination of fund; transfer of securities, assets and records
105 words·~1 min read·
/nj/title-43/chapter-15a/43-15a-112·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When this act becomes operative with regard to a pension fund, such pension fund shall terminate. Upon the termination of such pension fund, all securities, assets and records of such fund shall be transferred to the board of trustees of the Public Employees' Retirement System. All securities and assets so transferred shall be credited to the Contingent Reserve Fund and there shall be transferred from the Contingent Reserve Fund to the Annuity Savings Fund an amount equal to the aggregate contributions of active members to the terminated pension fund.
L.1956, c. 169, p. 663, s. 2. Amended by L.1959, c. 170, p. 702, s. 5.