N.J. Admin. Code § 17:16-31.4

Current through Register Vol. 56, No. 21, November 4, 2024

Section 17:16-31.4 - Limitations

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

1. Not more than five percent of the market value of the assets of any fund (other than the Pension and Annuity Funds, the New Jersey State Employees Deferred Compensation Fixed Income Fund, the New Jersey Better Educational Savings Trust, and the Common Pension Funds) shall be directly invested in the fixed income obligations of any one issuer and affiliated entities;

2. Not more than 10 percent of the market value of the assets of the New Jersey State Employees Deferred Compensation Fixed Income Fund or the New Jersey Better Educational Savings Trust shall be directly invested in the equity and fixed income obligations of any one issuer and affiliated entities; and

3. The total amount directly invested in the equity and fixed income obligations of any one issuer and affiliated entities by the Pension and Annuity Funds and the Common Pension Funds, in the aggregate, shall not exceed five percent of the combined assets of all the Pension and Annuity Funds.

(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 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 § 17:16-31.4

New Rule, R.2014 d.038, effective 3/3/2014.
See: 45 N.J.R. 1477(a), 46 N.J.R. 442(a).
Section was "Reserved".