43:15A-37 Obligations of State; basis of State appropriation.
234 words·~1 min read·
/nj/title-43/chapter-15a/43-15a-37·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
37. Regular interest charges payable, the creation and maintenance of reserves in the contingent reserve fund, the maintenance of retirement reserves as provided for in this act and the payment of all retirement allowances and other benefits granted by the board of trustees under the provisions of this act, except the amounts payable by other employers, are hereby made obligations of the State. All income, interest and dividends derived from deposits and investments authorized by this act shall be used for the payment of these obligations of the State and other employers, including, during the term of the lottery contribution made pursuant to section 4 of P.L.2017, c.98 (C.5:9-22.8), all income, interest, and dividends derived from deposits and investments in the investment account of Common Pension Fund L, established pursuant to section 6 of P.L.2017, c.98 (C.5:9-22.10).
Upon the basis of each actuarial determination and appraisal provided for in this act, the board of trustees shall submit to the Governor in each year an itemized statement of the amounts necessary to be appropriated by the State to provide for payment in full during the ensuing fiscal year of the obligations of the State accruing during that year. The Legislature shall make an appropriation sufficient to provide for such obligations of the State. The amounts so appropriated shall be paid into the contingent reserve fund.
L.1954, c.84, s.37; amended 1971, c.213, s.15; 2017, c.98, s.25.