43:13-34 - Pension fund
43:13-34. Pension fund For the purpose of paying the pensions a fund shall be created as follows:
a. There shall be deducted from every payment of salary to any employee of the water department in the municipality who shall have entered the service on or before the age of thirty-five years, two per cent of the amount thereof, and if he shall have entered the service after reaching thirty-five years of age, the percentage shall be increased to such an amount as the pension commission determines to correspond to the risk arising by his additional age.
b. The municipality shall raise by taxation and pay into the fund yearly, an amount equal to four per cent of the total salaries paid to the employees of the water department.
c. All moneys given or donated to the fund and moneys deducted from the salary of any employee of the department because of absence or loss of time shall be added to the fund.
If there is not sufficient money in this fund, the governing body shall include in any tax levy a sum sufficient to meet the requirements of the fund for the time being.