When this act becomes operative with regard to a pension fund, such pension fund shall terminate. Upon the termination of such pension fund, all securities, assets and records of such fund shall be transferred to the board of trustees of the Public Employees' Retirement System. All securities and assets so transferred shall be credited to the Contingent Reserve Fund and there shall be transferred from the Contingent Reserve Fund to the Annuity Savings Fund an amount equal to the aggregate contributions of active members to the terminated pension fund.
N.J. Stat. Ann. § 43:15A-112
Termination of fund; transfer of securities, assets and records
Known as the Public Employees' Retirement System Act
The act spans §§ 43:15A-1 to 43:15A-99 (202 sections).
L.1956, c. 169, p. 663, s. 2
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.