New Jersey Statutes 43:16A-64. Transfer of funds and credits from public employees’ retirement system or county pension fund
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Terms Used In New Jersey Statutes 43:16A-64
- 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.
Within 120 days following the effective date of this 1975 amendatory and supplementary act the Public Employees’ Retirement System or a county pension fund shall remit to the Police and Firemen’s Retirement System of New Jersey all accumulated deductions standing to the credit of each transferred employee as members of such funds, and within 180 days following the effective date of this 1975 amendatory and supplementary act remit the pro rata part of the reserve fund constituting the employer’s obligations under the former system applicable to such employee’s account, and the Police and Firemen’s Retirement System shall then enter the respective sums so remitted to it to the credit of such employee in the Annuity Savings Fund and to the credit of the employer in the Pension Accumulation Fund of the Police and Firemen’s Retirement System of New Jersey.
L.1973, c. 156, s. 5, eff. June 1, 1973. Amended by L.1975, c. 303, s. 2, eff. Feb. 2, 1976.