Notwithstanding anything to the contrary, the retirement system shall not be liable for the payment of any pensions or other benefits on account of the employees or pensioners of any employer under this article, for which reserves have not been previously created from funds, contributed by such employer or its employees for such benefits.
N.J. Stat. Ann. § 43:15A-70
Limitation on liability of retirement system
Known as the Public Employees' Retirement System Act
The act spans §§ 43:15A-1 to 43:15A-99 (202 sections).
L.1954, c. 84, p. 520, s. 70.
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.