N.J. Admin. Code § 17:16-20.4

Current through Register Vol. 56, No. 24, December 18, 2024

Section 17:16-20.4 - Limitations

(a) At time of initial purchase, the following conditions shall be met:

1. Not more than five percent of the market value of the assets of the State of New Jersey Cash Management Fund shall be directly invested in international government and agency obligations, whether direct or guaranteed, of any one issuer.

2. The total amount of international government and agency debt issues directly purchased or acquired of any one issuer shall not exceed 25 percent of the outstanding debt of the issuer, and not more than 25 percent of any one issue may be purchased at the time of issue, except that these requirements may be waived by the Council.

3. Not more than five percent of the combined assets of all of the Pension and Annuity Funds shall be directly invested in international government and agency obligations.

(b) If, subsequent to initial purchase, the limitations in (a) above are exceeded, then the Council shall be notified at the next regularly scheduled meeting of the Council. The Division may be granted a six-month period of grace to reduce the level of participation of the fund below the maximum levels, except that the period of grace may be extended for additional four-month periods with the approval of the Council.

N.J. Admin. Code § 17:16-20.4

Amended by R.1991 d.386, effective 8/5/1991.
See: 23 N.J.R. 1775(b), 23 N.J.R. 2344(a).
Deleted prior (a); recodified (b)-(d) as (a)-(c). In (a), added "any one issuer of". In (b), changed rating from "Aaa/AAA" to "Aa/AA".
Amended by R.1994 d.445, effective 9/6/1994.
See: 26 N.J.R. 2751(a), 26 N.J.R. 3742(a).
Amended by R.2001 d.119, effective 4/2/2001.
See: 33 N.J.R. 372(b), 33 N.J.R. 1115(a).
Amended by R.2004 d.249, effective 7/6/2004.
See: 36 N.J.R. 1739(a), 36 N.J.R. 3269(b).
In (a), substituted "any one issuer of obligations under this subchapter, whether" for "any one issuer of international government and agency obligations, whether"; rewrote (b); in (c), deleted "on the Approved List".
Amended by R.2005 d.322, effective 9/19/2005.
See: 37 N.J.R. 2149(a), 37 N.J.R. 3720(a).
In (a), added the last sentence, "The one percent limitation shall not apply to Common Pension Funds B and D."
Recodified from N.J.A.C. 17:16-20.2 and amended by R.2006 d.257, effective 7/17/2006.
See: 38 N.J.R. 1407(a), 38 N.J.R. 3063(a).
Rewrote the section. Former N.J.A.C. 17:16-20.3, Legal papers, repealed.
Recodified from N.J.A.C. 17:16-20.3 and amended by R.2006 d.317, effective 9/5/2006.
See: 38 N.J.R. 2039(a), 38 N.J.R. 3632(a).
In (a)3, substitute "international corporate" for "Canadian", and added (a)4.
Amended by R.2007 d.255, effective 8/20/2007.
See: 39 N.J.R. 1463(a), 39 N.J.R. 3548(a).
In (a)3, substituted "30 percent" for "22 percent".
Amended by R.2013 d.026, effective 2/19/2013.
See: 44 N.J.R. 2281(a), 45 N.J.R. 348(b).
Rewrote (a)1 and (a)3; and deleted (a)4.
Amended by R.2014 d.038, effective 3/3/2014.
See: 45 N.J.R. 1477(a), 46 N.J.R. 442(a).
Rewrote (a)1 and (a)2; and in (a)3, inserted "directly".