43:15A-106 - Applicability of Act to members of other pensions
43:15A-106. Applicability of Act to members of other pensions This act shall apply to State law enforcement officers as herein defined who are members of any contributory pension fund supported in whole or in part by the State other than the Public Employees' Retirement System 60 days after a majority of the members of such pension fund qualified to vote in a referendum as required by section 218(d)(3) of the Social Security Act shall have voted to be covered under the terms of that act. At that time such other pension fund shall terminate: the members of such terminated pension fund shall thereupon be members of the Public Employees' Retirement System; the number of years of credited service in the terminated pension fund shall be deducted from each member's age upon the date of termination in order to fix the age upon which each member's rate of contribution shall be based; the aggregate contributions of the members shall be transferred to the annuity savings fund and the same credit for such contributions shall be given toward all the benefits provided by this act and the act to which this act is a supplement as had been given in such other pension fund; the reserves for the payment of benefits to existing beneficiaries shall be transferred to the retirement reserve fund; any other moneys contributed by the State shall be transferred to the contingent reserve fund; and all securities, assets and records of such other pension fund shall be transferred to the board of trustees. Any benefits granted from such pension fund prior to such termination shall be continued by the board of trustees of the Public Employees' Retirement System in the same manner and under the same conditions as originally granted.
L.1955, c. 257, p. 943, s. 10. Amended by L.1956, c. 55, p. 109, s. 5.