N.J. Admin. Code § 5:30-14.26

Current through Register Vol. 56, No. 11, June 3, 2024

Section 5:30-14.26 - Sponsoring agency retaining assets

All amounts awarded under a length of service award plan shall remain the asset of the sponsoring agency; the obligation of the sponsoring agency to participating volunteers shall be contractual only; and no preferred or special interest in the awards made shall accrue to such participants. Such money shall be subject to the claims of the sponsoring agency's general creditors until distributed to any or all participants.