Management and control of fund; treasurer; investments; payments.

43:13-29. Management and control of fund; treasurer; investments; payments.

43:13-29. The lifeguard pension commission shall have the management and control of the fund and may make all necessary rules and regulations not inconsistent with this article and section 7 of P.L.2025, c.396 (C.43:13-29.1). All moneys belonging to the fund shall be paid over to the city treasurer, who shall give bond in such amount, from time to time, as the governing body of the city determines. All moneys not needed for the immediate payment of the pensions shall be invested by the lifeguard pension commission in interest-bearing bonds of the city or in other interest-bearing securities in which savings banks of this State may invest their funds. No moneys shall be paid out of the fund by the treasurer except upon the warrant of the lifeguard pension commission, to be signed by such member or members of the commission as shall be designated by the commission. Amended 2025, c.396, s.6.