N.J. Stat. § 43:13-37.1
There shall be established, in all towns in counties of the first class of this State whose charter was granted between the years one thousand eight hundred and eighty and one thousand eight hundred and ninety-nine and also still have a councilmanic form of government and in which towns have established by referendum under subtitle three, Title 11, Civil Service, a pension fund. The said fund shall be administered by a commission of five members consisting of the mayor of such town who shall be president of such pension fund commission, the town treasurer of such town who shall be treasurer of such pension fund commission, two municipal employees of such town who shall be nominated and elected at a meeting to be held by the aforesaid town employees, which meeting shall be held at the call of the mayor of the town within thirty days aforesaid. The town employees shall hold such office until their successors are nominated and elected at a meeting of such employees to be held on the third Wednesday of the following December, and thereafter two town employees shall be nominated and elected as members of such pension fund commission in the same manner on the third Wednesday of December every second year, and the terms of office of said members so to be elected by the town employees shall be for two years commencing January first following their election. The fifth member of said commission shall be a citizen of the town who is not holding any public office or position, shall be selected by the other four members of the commission and shall hold office for the term of one year expiring on January first each year. In case of vacancy for any cause the commission shall have power to fill such vacancy until the next election. The said commission shall hold its annual meetings between the first and fifteenth days of January in each year and elect such officers as it shall deem advisable for the term of one year or until their successors are elected, and shall also have power to select a secretary whose duties and compensation the commission shall have power to fix and who shall serve for a period of one year or until his successor is appointed. The commission shall have the power to employ from time to time such clerical assistance as it shall deem necessary and to purchase such office supplies and equipment as it may deem necessary to carry out the provisions of this act and to pay for the same out of the pension fund hereinafter provided for. The pension fund commission shall be known as "the town employees" pension fund commission of the town of in the county of.
N.J.S. § 43:13-37.1