1. Notwithstanding the provisions of subsection (6) of section 15 of P.L.1971, c.198 (C. 40A:11-15) to the contrary, a county or a municipality in which a pension fund has been established pursuant to P.L.1943, c.160 (C. 43:10-18.1 et seq.), R.S.43:10-1 through R.S.43:10-18, P.L.1948, c.310 (C. 43:10-18.50 et seq.), or P.L.1954, c.218 (C. 43:13-22.3 et seq.), may enter into an insurance contract to fund the actuarial liability of its pension system, for a term which may not exceed the term of the actuarial liability covered by the contract.

L.1985,c.68,s.1; amended 1994,c.185,s.2.