New Jersey § 18a:66-90

§ 18a:66-90.

On or before September 1 of each year, on the basis of the most recent actuarial valuation

of the Teachers' Pension and Annuity Fund and on the basis of the appropriate social

security rate of contribution, the Director of the Division of Pensions in the State

Department of the Treasury, shall certify to the commissioner of education of the

State Department of Education the percentage of salaries which the department and

each board of education, school district or agency of this State must appropriate

in its next fiscal year project budget to cover the amount of the increase and the

cost of pension, group life insurance, social security and other benefits provided

by this article attributable to carrying out the programs financed by the Federal

Government involving members of the Teachers' Pension and Annuity Fund. The commissioner shall promptly notify each public employer of the percentage certified

and the public employer shall, within 90 days after the close of such next fiscal

year, together with supporting information prescribed by the Director of the Division

of Pensions, reimburse the State the amount of such increased cost from funds allocated

to the public employer from the Federal Government and involving members of the Teachers'

Pension and Annuity Fund.