New Jersey Statutes 43:13-37.5. Fund created; deductions from compensation; contributions by town; temporary loans where funds inadequate; exemption of pensions; no refunds
Terms Used In New Jersey Statutes 43:13-37.5
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
There shall be deducted by disbursing officers of town funds and paid to said pension fund commission from every payment of salary or compensation to every town employee who shall be entitled to benefits under this act, three per centum (3%) of the amount thereof; provided, however, that in the case of a person hereafter entering the service of any such town after reaching the age of forty years, the said percentage of his salary to be deducted shall in the judgment of the pension fund commission be fixed and determined at not less than three per centum (3%), and such employee, upon notice from said commission of the decision of the commission, shall have the privilege to participate in the benefits of this act or decline to come within its provisions. In addition thereto, there shall be annually raised by the town council of such town in the town budget and contributed semiannually to such pension fund commission an amount equivalent to three per centum (3%) of such “town employees” salary or compensation. Additional sums shall be appropriated and paid to said pension fund commission by said town council as occasion demands to carry out the provision of this act. Where town funds are not available or adequate, or should there be no such town funds, such additional sums shall be raised by temporary loans or notes, certificates of indebtedness or temporary loan bonds to be issued as otherwise provided and limited by law for towns of this State, and the amounts necessary to pay such obligations shall be placed in the town budget for the next ensuing fiscal year. All pensions granted under this act shall be exempt from any State or municipal tax, levy and sale, garnishment or attachment, or any other civil process, and shall be unassignable. No refund of moneys deducted from the salary or compensation of any such employee shall be made.
L.1943, c. 189, p. 524, s. 5.