New South Wales Consolidated Acts

TRANSPORT EMPLOYEES RETIREMENT BENEFITS ACT 1967 - SECT 31

31 Reserve payments by employers

(1) An employer may without further appropriation than this Act pay to the Fund, in addition to any amounts standing to his credit in the Fund by reason of any payments made by him or on his behalf under section 29 or 30, or by reason of the operation of subsection (8) of section 30, such further amounts as may be determined by the employer and approved by the Governor on the recommendation of the Treasurer and the Board and any such payments shall form part of the operating expenses of the employer in the financial year in which they are paid.

(2) Any amounts so paid shall form part of the Fund and shall, in the books of the Board, be credited to the employer, together with interest, compounded annually at the end of each financial year, at the average earning rate on the Fund during the immediately preceding financial year.

(3) Any amount credited to an employer under this section shall be available towards meeting any payments required to be made by the employer from time to time under this Act.