New Jersey Statutes 34:1B-7.47. Definitions relative to issuance of bonds, notes, other obligations to fund accrued pension liability
Terms Used In New Jersey Statutes 34:1B-7.47
- 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.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
a. “Bonds” means bonds, notes or other obligations issued by the authority pursuant to this act.
b. “New Jersey Economic Development Authority” or “authority” means the New Jersey Economic Development Authority created pursuant to section 4 of P.L.1974, c.80 (C. 34:1B-4).
c. “Refunding bonds” means bonds, notes or other obligations issued to refinance bonds, notes or other obligations previously issued by the authority pursuant to section 4 of this act.
d. “Unfunded accrued pension liability” means the unfunded accrued liability of the State under: the Teachers’ Pension and Annuity Fund, determined as of March 31, 1996 under N.J.S.18A:66-18; the Judicial Retirement System, determined as of June 30, 1996 under section 33 of P.L.1973, c.140 (C. 43:6A-33); the Prison Officers’ Pension Fund, determined as of June 30, 1996 under P.L.1941, c.220 (C. 42:7-7 et seq.); the Public Employees’ Retirement System, determined as of March 31, 1996 under section 24 of P.L.1954, c.84 (C. 43:15A-24); the Consolidated Police and Firemen’s Pension Fund, determined as of June 30, 1996 under R.S.43:16-5; the Police and Firemen’s Retirement System, determined as of June 30, 1995 under section 15 of P.L.1944, c.255 (C. 43:16A-15); and the State Police Retirement System, determined as of June 30, 1996 under section 34 of P.L.1965, c.89 (C. 53:5A-34), and certified by the State Treasurer and reported to the authority pursuant to section 4 of this act.
L.1997,c.114,s.3.