53:5A-19. Payment of premiums from group insurance premium fund
In the event the State Treasurer shall determine to purchase group insurance coverage for the death benefits, premiums for the same shall be paid from a special fund, hereby created, called the "Group Insurance Premium Fund." The State Treasurer shall estimate annually the amount which will be required for premiums for such benefits for the ensuing fiscal year. The State shall pay over to the State Treasurer the amount so required who shall deposit it in the Group Insurance Premium Fund. During the period such group insurance policy or policies are in effect the State Treasurer shall in no way commingle moneys in this fund with any pension fund established by this act.
L.1965, c. 89, s. 19, eff. July 1, 1965. Amended by L.1966, c. 153, s. 10, eff. June 18, 1966.
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Last modified: October 11, 2016