N.J. Admin. Code § 17:16-65.4

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

Section 17:16-65.4 - Valuation of investments and net assets

(a) Upon each valuation date, as provided in (b) below, there shall be a valuation for every investment in and the net assets of the DCP Funds in the method provided for in this section.

(b) For the Common Funds, the valuation of investments and net assets shall be determined after the close of business on the last business day of each month (or on each day that the primary securities exchanges in the United States are open for business, if so determined by the Director), and shall be based on values as of the close of business on such day. For the Outside Funds, the valuation of investments and net assets shall be determined after the close of business on each day that the primary securities exchanges in the United States are open for business, and shall be based on values as of the close of business on such day.

(c) The following method shall be utilized for the valuation of investments and net assets:

1. The valuation of investments shall be made in accordance with applicable accounting standards, using recognized industry pricing sources. In the case of stable value funds, the total value of the fund's investments shall equal the aggregate amount of principal deposited in the fund, plus the amount of interest provided in any synthetic guaranteed investment contract.

2. The valuation of net assets shall be calculated as total assets minus total liabilities, in accordance with applicable accounting standards.

3. The method of pricing each DCP Fund will be in accordance with contractual obligations of the custodian bank or Plan Administrator, subject to the approval of the Director.

(d) In the event of errors or omissions in the calculation of accruals of income, amortization or pricing of securities, the custodian bank or Plan Administrator shall correct such errors or omissions as is set forth in any applicable contract with the State.

N.J. Admin. Code § 17:16-65.4

Amended by R.2005 d.347, effective 10/17/2005.
See: 37 N.J.R. 2150(a), 37 N.J.R. 4032(a).
Rewrote the section.
Amended by R.2006 d.79, effective 2/21/2006.
See: 37 N.J.R. 4193(a), 38 N.J.R. 1226(a).
Added "(or on each day that the primary securities exchanges in the United States are open for business, if so determined by the Director)".
Recodified from N.J.A.C. 17:16-65.6 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 "Date of valuation". Rewrote the section. Former N.J.A.C. 17:16-65.4, Permissible investments, recodified to N.J.A.C. 17:16-65.2.
Amended by R.2012 d.194, effective 12/3/2012.
See: 44 N.J.R. 1966(a), 44 N.J.R. 2999(b).
Section was "Valuation of investments". In (a), inserted "and the net assets of" and substituted "Funds" for "funds"; in (b), inserted "of investments and net assets" twice and substituted "values" for "market prices and accruals" twice; rewrote the introductory paragraph of (c), and (c)1 and (c)2; and deleted (c)4 through (c)7.