Section 43:10-18.16 - Pension fund; deductions and contributions; annual contribution by county; donations; tax levy; reimbursement for excess expendituresA 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 8% 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 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 9% of all of such county employees' salaries. In the fiscal year next following the effective date of this amendatory and supplementary act, the county shall increase its contribution by 1% of all such county employees' salaries and in each fiscal year thereafter the contribution of the county required by the provisions of this act shall be increased over the previous percentage by an additional 1% of all such county employees' salaries until the actuary of the fund certifies to the county that the county's contribution, together with the contributions of the members, is sufficient to meet the liabilities of the fund on a fully funded, reserve basis. All moneys donated for the purpose 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) If in any 1 year the expenditures required to be made from the fund created under this act are in excess of the moneys received by said fund during that year under the provisions of subsections (a), (b) and (c) of this section, the board of chosen freeholders of the county shall appropriate, raise by taxation and pay over to said fund a sum or sums of money sufficient to wholly reimburse said fund for the amount so expended in excess of moneys received for that year.L.1943, c.160, p.465, s.16; amended by L.1947, c.400, p.1261, s.2; L.1960, c.191, p.802, s.4; L.1966, c.243, s.5, eff. 8/17/1966; L.1983, c.211, s.4, eff. 6/10/1983.