New Jersey § 43:10-18

§ 43:10-18.

A fund to pay pensions under this act shall be created as follows: (a) The county treasurer shall deduct from every payment of salary to any county employee

who is or becomes a member of this retirement system and pay to the fund, 6% of the

amount of said salary. Such deductions shall be continued to be made during the entire period of employment

of the member and until the death or retirement, including disability retirement,

of said member. The deductions provided herein for pension purposes shall not be construed as reduction

in the salary or compensation of any member of this retirement system. Every employee to whom this act applies who shall continue in the service after the

adoption and approval of this act, as well as every person to whom this act applies

who may hereafter be appointed to a position or place, shall be deemed to consent

and agree to the deductions made and provided for herein and payment with such deductions,

for service, shall be a full and complete discharge and acquittance of all claims

and demands whatsoever for all services rendered by such person during the period

covered by such payment except his or her claim to the benefits to which he or she

may be entitled under the provisions of this act. (b) The board of chosen freeholders shall annually raise in the county budget and

contribute annually to the fund an amount equal to 10% of all of such county employees'

salaries as its normal contribution. Such payment shall be continued to be made during and until the death or retirement

of each member. All moneys donated for the purposes of the fund shall be deposited in the fund. (c) All interest earned on investments of moneys of this retirement system shall be

credited to this pension fund. (d) All moneys required to meet the county contributions provided for in this and

all other sections of this act shall be raised annually in the county budget by the

board of chosen freeholders and if at any time there is not sufficient money to meet

these requirements and pay the pensions, the board of chosen freeholders shall, from

time to time, include in any tax levy a sum sufficient to meet the requirements of

the retirement system. (e) The commission shall, once prior to the end of the year 1966 and once during every

third year thereafter, cause the actuary recommended by the pension commission and

appointed by the board of freeholders who must be an actuary of recognized standing

and a member of the Society of Actuaries, to make an investigation into the conduct

and operation of the retirement system and into the mortality, service and compensation

experience of the members and beneficiaries of the retirement system and to make a

valuation of the assets and liabilities of the system. The actuary shall report thereon to the commission. Based upon said report the commission shall (1) establish for the retirement system

such mortality service and other tables as shall be deemed necessary, and (2) adjust

and certify the rates of contribution to be paid by the county on the basis of the

said investigation, valuation and report of the actuary, to the ends that, so far

as possible, the value of future contributions of members and the county, when taken

with present assets, shall not be less than the value of prospective benefit payments

based upon membership service to be rendered after the effective date of this amendatory

act.