N.J. Stat. § 43:16-7.1
Promptly after it has organized, the commission shall give notice in writing not later than September first, one thousand nine hundred and fifty-two, to the pension commission of each municipality and county in this State maintaining a pension fund, pursuant to an act entitled "An act providing for the retirement of policemen and firemen of the police and fire departments in municipalities of this State, including all police officers having supervision or regulation of traffic upon county roads, and providing a pension for such retired policemen and firemen and members of the police and fire departments, and the widows, children, and sole dependent parents of deceased members of said departments," approved April fifteenth, one thousand nine hundred and twenty, as amended and supplemented, or to chapter sixteen of Title 43 of the Revised Statutes, requiring that such local commission file with the secretary of the commission hereby created, on or before October first, one thousand nine hundred and fifty-two, an inventory and report of all moneys and assets in and constituting the pension fund being administered by said local commission and further requiring the custodian of the investment securities and moneys of such local pension fund and the treasurer of the municipality or county in which said local commission exists, to turn over to the State Treasurer, on July first, one thousand nine hundred and fifty-three, all of such assets for the use of the commission created by this chapter together with a statement of the moneys and securities which it is estimated it will be required to apply in discharge of pension obligations chargeable against the fund prior to July first, one thousand nine hundred and fifty-three. Every such local custodian and treasurer shall promptly comply with the request aforesaid, and the State Treasurer or his deputy is hereby authorized and directed to deliver a written receipt for all moneys and securities turned over pursuant to such request. Such receipt shall be signed in behalf of the commission created by this chapter, in the name of the State Treasurer, shall be addressed and delivered to the local pension commission to which such moneys and other assets previously belonged and upon such delivery shall be filed in the office of the clerk of the municipality or county in which such local pension commission exists. Upon the filing of such receipt in said clerk's office, the term of office of every member of said local commission shall end and the existence of said local commission shall terminate. Before any such local commission shall comply with the request of the commission created by this chapter to turn over moneys and assets of such local commission, there shall be segregated from such money and other assets and reserved by the treasurer of the municipality or county in which such local commission exists, sufficient moneys and securities to provide for the payment of all pension obligations of said local commission which accrued or matured prior to July first, one thousand nine hundred and fifty-three, and in making such turn over, the local commission, over the signatures of the chairman or president and the secretary thereof and of the local treasurer, shall certify to the commission created by this chapter the amount or amounts withheld for the purpose of meeting such pension obligations during the period aforesaid and the names and addresses of the beneficiaries thereof and the respective amounts withheld for the account of each. Such withheld moneys shall be applied in discharge of all pension obligations chargeable against the fund from which they are reserved and accruing prior to July first, one thousand nine hundred and fifty-three.
N.J.S. § 43:16-7.1