In accordance with N.J.S.A. 18A:29-3, a district board of education or a charter school or renaissance school project board of trustees shall establish a summer payment plan to provide for withholding 10 percent of the salary of 10-month employees during the academic year, and shall ensure that the amount withheld earns interest and is available to the employee either at the end of the academic year or in installments prior to September 1.
N.J. Admin. Code § 6A:23A-16.9