43:18-11. Pension fund
The pension fund shall be created and sustained as follows:
a. There shall be deducted from every payment of salary to each employee not less than four per cent and not more than six per cent of the amount thereof, as determined by the board of trustees, if such employee entered such service on or before the age of thirty-five years, and, if after such age, then such percentage shall be increased to such an amount as shall be determined by the board of trustees to correspond to the risk arising by the additional age of such employee.
b. The city shall raise by taxation and pay into said fund yearly an amount equal to four per cent of the total salaries paid to such employees.
c. All fines, if any, imposed on any employee, all fines and penalties, collected for the violation of any statute relating to the public health, or ordinance of the board of health, and all moneys deducted from the salary of any such employee on account of absence or loss of time.
d. All moneys given or donated to such fund by any person or corporation in any manner or form whatsoever.
In case there shall not be sufficient money in the pension fund created as aforesaid, the governing body shall include in any tax levy a sum sufficient to meet the requirements of such fund for the time being.
The board of trustees of any such pension corporation may assess and collect from each and every employee of such board or department, who is a member of such pension corporation the per cent of his annual salary, as shall be determined by the board of trustees, to be paid semimonthly to the treasurer of such corporation, and such assessment and collection shall be in manner and form as may be provided in the by-laws of such corporation.
The board of trustees is hereby empowered, in its judgment, to make it a condition of membership that each member shall sign an order on the city treasurer, or other disbursing officer, directing the retention of the amount of the assessment levied hereunder, to be paid over directly to such corporation by retention from his salary or wages, and the city treasurer or other disbursing officer is hereby directed to make such retention and payment; but such retention and payment shall only become operative in the event of the same being authorized by the by-laws of such corporation.
The fund shall be under the control and management of the board of five trustees.