N.J. Stat. § 43:13-48
In every village in counties of the first class, there shall be a pension commission of five members consisting of the mayor or other chief executive, the treasurer, and the clerk of such village and two citizens of the village who are not holding an office under the village. The two citizens shall be appointed by the governing body of the village and shall hold office for the term of two years. In case of vacancy for any cause the governing body may fill it.
The commission shall hold its annual meetings on the day of January each year and elect its president, and such other officers as it shall deem advisable. The commission shall also at such meeting elect a secretary from or outside of the village employees, whose compensation the commission shall have power to fix.
The pension commission shall be known as the "municipal employees pension commission of the village of "
All retirements shall be made and pensions allowed under this article by this commission.
N.J.S. § 43:13-48