New Jersey Statutes 18A:66-16. Creation of funds
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Terms Used In New Jersey Statutes 18A:66-16
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
18A:66-16. There shall be in the retirement system the contingent reserve fund, annuity savings fund, retirement reserve fund, pension fund, special reserve fund, interest fund, benefit enhancement fund and the members’ death benefit fund.
L.1967, c.271; amended 2001, c.133, s.1.