N.J. Stat. Ann. § 43:13-37.3

The president and secretary shall, on behalf of the said pension fund commission, execute any and all releases, acquittances, receipts or discharges of any and all written evidences of indebtedness to said pension fund commission; said pension fund commission shall deposit such fund in any of the banks or trust companies of such town, and shall have power to invest the same in bonds of the United States or of this State, or of any county or municipality in this State. All income, interest, earnings or dividend which shall be paid or agreed to be paid on account of any loan or deposit shall belong to and constitute a part of said pension fund.