New Jersey Statutes Title 43. Pensions and Retirement and Unemployment Compensation 43 § 16-8

When there is established in any municipality a fund for the retiring and pensioning of members of the police or fire departments thereof, all boards or bodies having control thereof are hereby vacated, and all pension or retirement funds in their hands or under their control shall be turned over and come under the control and regulation of this subtitle. The municipal treasurer and the commission hereby created shall assume all obligations and control of such prior fund and shall pay all pensions or obligations under it to the persons entitled thereto under the act or acts under which it was created.