New Jersey § 18A:66-29.1 Shortage in reserves or contributions;  non-liability or deduction for retirement allowance

New Jersey Statutes

§ 18A:66-29.1 — Shortage in reserves or contributions; non-liability or deduction for retirement allowance

New Jersey § 18A:66-29.1

Title 18AEDUCATION

This text of New Jersey § 18A:66-29.1 (Shortage in reserves or contributions; non-liability or deduction for retirement allowance) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 18A:66-29.1 (2026).

Text

Notwithstanding anything to the contrary, the retirement system shall not be liable for the payment of any pensions or other benefits on account of the employees or pensioners of any employer under this article, for which reserves have not been previously created from funds contributed by the State, the employer, or teacher for such benefits. The actuarial equivalent of any shortage in required contributions at the time of retirement on account of misstatement of age, leave of absence, or clerical error, shall be deducted from the retirement allowance otherwise payable. L.1971, c. 121, s. 40, eff. April 29, 1971.

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Notwithstanding anything to the contrary, the retirement system shall not be liable for the payment of any pensions or other benefits on account of the employees or pensioners of any employer under this article, for which reserves have not been previously created from funds contributed by the State, the employer, or teacher for such benefits. The actuarial equivalent of any shortage in required contributions at the time of retirement on account of misstatement of age, leave of absence, or clerical error, shall be deducted from the retirement allowance otherwise payable. L.1971, c. 121, s. 40, eff. April 29, 1971.