New Jersey § 43:13-44

§ 43:13-44.

For the purpose of paying the pensions a fund shall be created in each village where

this article takes effect, as follows: a. There shall be deducted from every payment of salary to a municipal employee or

officer benefited by this article five per centum (5%) of the amount thereof and if

any employee or officer hereafter enters the service of the municipality after reaching

the age of thirty-five years, such percentage shall be increased to such an amount

as the pension commission determines to correspond to the risk arising by the age

of such employee. b. The village shall raise by taxation and pay into the fund yearly an amount equal

to seven per centum (7%) of the total salaries paid to the employees or officers who

shall benefit by this article, and may raise by taxation and pay into the fund yearly

such additional amount or amounts as, upon the recommendation of the pension commission

of the municipality, the governing body shall determine to be necessary to maintain

the fund. c. There shall be added all fines imposed upon any such employee or officer, all moneys

given or donated to the fund, all moneys deducted from the salary of such employee

or officer because of absence or loss of time and one-half of all rewards paid for

any purpose to such employees or officers. If there shall not be sufficient money in the fund so created, the governing body

of such village shall include in any tax levy a sum sufficient to meet the requirements

of the fund for the time being. All pensions granted under this article shall be exempt from any State or municipal

tax, levy and sale, garnishment or attachment or any other process whatsoever, and

shall be unassignable.