N.J. Admin. Code § 17:16-37.4

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

Section 17:16-37.4 - Limitations

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

1. Not more than 10 percent of the market value of any eligible fund (other than a Pension and Annuity Fund or Common Pension Fund) shall be invested in money market funds;

2. Not more than five percent of the combined assets of all of the Pension and Annuity Funds shall be invested in money market funds; and

3. The total amount of shares or units purchased or acquired by any eligible fund of any one money market fund shall not exceed five percent of the shares or units outstanding.

(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 § 17:16-37.4

Recodified from N.J.A.C. 17:16-37.2 and amended by R.2006 d.317, effective 9/5/2006.
See: 38 N.J.R. 2039(a), 38 N.J.R. 3632(a).
Section was "Other limitations". Rewrote the section.
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; added new (a)2; recodified former (a)2 as (a)3; and in (a)3, inserted "by any eligible fund".