43:6A-34. Retirement reserve fund; source of funds for payment of pensions
The retirement reserve fund shall be the fund from which all pensions and retirement allowances shall be paid.
Upon the retirement of the member his accumulated deductions together with regular interest shall be transferred to the retirement reserve fund from the annuity savings fund. The reserve needed to produce the pension shall be transferred from the contingent reserve fund. If the pension of a member who has been retired is subsequently canceled, the appropriate reserve shall be transferred to the contingent reserve fund. If the retirement allowance of a member who has been retired is subsequently cancelled, the appropriate reserve shall be transferred to the annuity savings fund and the contingent reserve fund.
Any surplus or deficit developing in the retirement reserve fund shall be adjusted from time to time by transfer to or from the contingent reserve fund by appropriate action of the retirement system upon the advice of the actuary.
L.1973, c. 140, s. 34, eff. May 22, 1973. Amended by L.1981, c. 470, s. 15, eff. Jan. 19, 1982.
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Last modified: October 11, 2016