New Jersey Statutes 43:3C-9.1. Corpus, income of retirement systems, restrictions on use, diversions
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Terms Used In New Jersey Statutes 43:3C-9.1
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
1. In accordance with the provisions of section 401 (a) (2) of the federal Internal Revenue Code, and subject to such exceptions as may be permitted for governmental plans under section 401 (a) (2) of the federal Internal Revenue Code, at no time prior to the satisfaction of all liabilities with respect to members and their beneficiaries under the Teachers’ Pension and Annuity Fund, established pursuant to N.J.S. 18A:66-1 et seq., the Judicial Retirement System, established pursuant to P.L.1973, c.140 (C. 43:6A-1 et seq.), the Prison Officers’ Pension Fund, established pursuant to P.L.1941, c.220 (C. 43:7-7 et seq.), the Public Employees’ Retirement System, established pursuant to P.L.1954, c.84 (C. 43:15A-1 et seq.), the Consolidated Police and Firemen’s Pension Fund, established pursuant to R.S.43:16-1 et seq., the Police and Firemen’s Retirement System, established pursuant to P.L.1944, c.255 (C. 43:16A-1 et seq.), the State Police Retirement System, established pursuant to P.L.1965, c.89 (C. 53:5A-1 et seq.), the Alternate Benefit Program, established pursuant to P.L.1969, c.242 (C. 18A:66-167 et seq.), and the Defined Contribution Retirement Program, established pursuant to P.L.2007, c.92 (C. 43:15C-1 et seq.), shall any part of the corpus or income of the respective retirement systems, within the taxable year or thereafter, be used for or diverted to purposes other than for the exclusive benefit of the members or their beneficiaries.
L.1997, c.113, s.1; amended 2011, c.78, s.56.