24. All reserves and moneys held by the insurance carrier under group life insurance contracts providing for employee contributions pursuant to the provisions of P.L.1964, c.241 (C. 43:16A-11.1 et al.), and any amendments and supplements thereto, shall be transferred and merged with those purchased by the board of trustees.

L.1964, c.241, s.24; amended 1967, c.250, s.21; 2018, c.55, s.31.