5:9-22.9 Value of Lottery Enterprise.
250 words·~1 min read·
/nj/title-5/chapter-9/5-9-22-9A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
5. a. For the purposes of this act, P.L.2017, c.98 (C.5:9-22.5 et al.), the Lottery Enterprise shall be valued at $13,535,000,000, as that value was determined by the independent valuation service provider engaged by the State.
b. The lottery contribution and all proceeds of the Lottery Enterprise shall be allocated among the retirement systems in the allocable percentages as follows: 77.78 percent for the Teachers' Pension and Annuity Fund, established pursuant to N.J.S.18A:66-1 et seq.; 21.02 percent for the Public Employees' Retirement System, established pursuant to P.L.1954, c.84 (C.43:15A-7 et seq.); and 1.20 percent for the Police and Firemen's Retirement System, established pursuant to P.L.1944, c.255 (C.43:16A-2 et seq.), which have been determined based on
(1)the relative percentages of the total actuarial accrued liabilities of the retirement systems;
(2)the relative percentages of the total actuarial accrued liabilities of the eligible member portions of such retirement systems;
(3)the relative percentages of the total unfunded actuarially accrued liabilities of the retirement systems;
(4)the relative percentages of the total unfunded actuarially accrued liabilities of the eligible member portions of such retirement systems;
(5)the relative percentages of the total number of members in each retirement system; and
(6)the relative percentages of eligible members participating in each such retirement system. Each retirement system shall have an initial equitable interest in Common Pension Fund L, established pursuant to section 6 of this act, equal to its allocable percentage of the entire lottery contribution made on its behalf.
L.2017, c.98, s.5.