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How may a municipality divide its state aid among its pension plans?

April 26, 2017aid divide Municipality Pension plans State

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How may a municipality divide its state aid among its pension plans?

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If a municipality maintains more than one pension plan, the governing body shall annually determine the portion of the state aid to go to each plan. However, a municipality may allocate all its state aid to only one of its pension plans. The municipality is ultimately responsible for making up any deficiency which would be created by the distribution.