43:13-27. Pension fund
For the purpose of paying the pensions hereunder, a fund shall be created as follows:
a. There shall be deducted from every payment of salary to each member of the life guard force in the city four per cent of the amount thereof.
b. The city shall raise by taxation and pay into the fund yearly an amount equal to four per cent of the total salaries paid to members of the life guard force.
c. Any fines imposed upon a member of the force, money given or donated for the purpose of the fund, money deducted from the salary of a member of the force because of absence or loss of time and half of any reward paid to the force or any member thereof shall be added to the fund.
If at any time there is not sufficient money in the pension fund for the purposes thereof, the governing body shall include in any tax levy a sum in addition to amounts theretofore contributed which shall be sufficient to meet the requirements of the fund. This sum shall be raised by tax levy no longer than is necessary to meet the requirements of the fund. Whenever the fund exceeds an amount which the governing body by resolution from time to time determines to be adequate for the fund, no moneys, except the four per cent of salaries and the fines, donations and rewards specified in this section, shall be paid into the fund unless and until the fund falls below the amount so determined to be adequate.
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Last modified: October 11, 2016