New Jersey § 43:3b-4

§ 43:3b-4.

Except in the case of retirants and beneficiaries of the Teachers' Pension and Annuity

Fund, each employer shall bear the cost of the adjustment in the retirement allowances

or pensions payable to retirants who retired from the employ of such employer and

the cost of the adjustment in the survivorship benefits or pensions payable to beneficiaries

of active or retired members who were in the employ of such employer at the time of

the member's death or retirement. Certification of the amounts due shall be made by the Director of the Division of

Pensions to each employer other than the State, prior to December 1 of each year. Each employer shall appropriate the amounts so certified in the fiscal year next

following its fiscal year in which such certification is made. Such amounts shall be paid by each employer to the Division of Pensions by March

30 of each year in the case of employers whose fiscal year extends from January 1

to December 31, and by July 30 of each year in the case of each employer whose fiscal

year extends from July 1 of a given calendar year to June 30 of the following calendar

year. In making such certifications to employers the Director of the Division of Pensions

shall take into account payments made by the employer, payments to retirants and beneficiaries

of former employees of such employer, prospective payments to be made to such retirants

and beneficiaries in the following year and necessary administrative costs on behalf

of such retirants and beneficiaries. The Director of the Division of Pensions shall certify annually to the Director of

the Division of Budget and Accounting the amount necessary to provide for the remaining

cost of the adjustments in retirement allowances, pensions and survivorship benefits

and necessary administrative costs. Payment of invoices rendered by the Division of Pensions to public employers for the

amounts required to meet the employer's obligation under the act shall be made payable

to “State of New Jersey, Pension Increase Fund.” If payment of the full amount of such employer obligation is not made within 30 days

of the due date, interest at the rate of 6% per annum shall commence to run against

the unpaid balance thereof on the first day after such thirtieth day. The employer's failure to pay invoices within 30 days after being notified of his

delinquency shall result in the suspension of payments under this act to eligible

retirants and beneficiaries of former employees of the employer on the first of the

month 30 days subsequent thereto. The office of the Attorney General shall act to collect such outstanding amounts. At the request of the Attorney General, delinquent payments, including interest

charges, may be deducted from any moneys payable to such local government employers

by any department or agency of the State.