43:10-57 - Source of pension fund;  right of withdrawal;  exemptions

43:10-57.  Source of pension fund;  right of withdrawal;  exemptions
    A fund shall be created in the following manner for the purpose of paying such pensions, to wit:  There shall be deducted from every payment of salary to  each county probation officer three per centum (3%) of the amount thereof, then  there shall be contributed annually by the county an amount equivalent to three  per centum (3%) of such probation officers' salaries;  to such sum there shall  be added all moneys donated for the purpose of such fund, and all rewards which  may be paid to any county probation officer while acting as such county  probation officer, all of which moneys and rewards shall be paid over to the  board of chosen freeholders of the county to be deposited in such fund.  In  case, at any time, there shall not be sufficient money in such pension fund to  pay such pensions, the board of chosen freeholders of the county shall, from  time to time, include in any tax levy a sum sufficient to meet the requirements  of such pension fund.  Whenever such pension fund shall exceed an amount which the board of chosen freeholders of such county shall by resolution from time to  time determine to be adequate for such pension fund, no moneys, except the  three per centum (3%) specified in this article, and the moneys given or  donated as herein mentioned and any aforementioned rewards, shall be paid into  such fund, unless and until the amount of such fund shall fall below the amount  thus determined to be adequate.  Any county probation officer who has paid into  the pension fund for at least four years, and is no longer in the service,  shall have the right to withdraw from such pension fund and shall be entitled  to a refund of the moneys theretofore deducted from his salary.  All pensions  granted under this article shall be exempt from any State or municipal tax,  levy and sale, garnishment or attachment, or any other process whatsoever, and  shall be unassignable.

     Amended by L.1944, c. 234, p. 791, s. 1.