New Jersey Statutes 18A:66-31. System to certify contributions
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Terms Used In New Jersey Statutes 18A:66-31
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
The retirement system shall certify to each employer the proportion of each member’s compensation to be deducted, and to facilitate the making of deductions the retirement system may modify the deduction required by a member of such amount as shall not exceed 1/10 of 1% of the compensation upon the basis of which the deduction is to be made.
There shall be credited in the annuity savings fund to the individual account of each member any amounts so deducted or contributed by him.
L.1967, c.271; amended by L.1971, c. 121, s. 15, eff. April 29, 1971.