New Jersey § 43:10-18

§ 43:10-18.

Notwithstanding any other provision in this act to the contrary, the pension commission

and the county may upon the unanimous vote of the members of the pension commission

enter into an agreement which may include any of the following: a. A provision transferring control and management of the pension fund which previously

was exercised by the pension commission pursuant to section 3 of P.L.1943, c. 160

( C. 43:10-18.3 ) directly to the county. b. A provision that the county may invest the assets of the pension fund in the manner

authorized by section 5 of P.L.1943, c. 160 ( C. 43:10-18.5 ) or may use those assets to purchase an annuity to fund all or a portion of the county's

pension obligations or to service any debt obligation incurred by the county in connection

with the purchase of any annuity contract to pay pension obligations of the retirement

system. c. A provision that the county shall be responsible for the timely payment of all

pensions, refunds or other benefits that shall become owing pursuant to the legislation

governing the retirement system. d. A provision that section 4 of P.L.1943, c. 160 ( C. 43:10-18.4 ), and subsections (b) and (c) of section 16 of P.L.1943, c. 160 ( C. 43:10-18.16 ) shall no longer apply to the county or the pension commission. e. A provision requiring the actuary appointed by the pension commission on or before

October 1 of each year to evaluate whether there are sufficient reserves contained

in existing annuities or in the pension fund to pay all of the county's anticipated

obligations as those obligations become due during the next fiscal year and, in the

event the actuary concludes such reserves are insufficient, the county shall be required

to appropriate, raise by taxation and pay over to the pension fund a sum of money

equal to the anticipated deficit.