N.J. Admin. Code § 17:16-65.5

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

Section 17:16-65.5 - Valuation of units

(a) The net asset value per unit of participation in each DCP Fund on the valuation date set forth in N.J.A.C. 17:16-65.4(b) shall be determined by dividing the net assets of the fund by the total outstanding units of participation in the fund.

(b) The method of calculation of units of participation will be in accordance with an agreement between the State of New Jersey and the Plan Administrator.

(c) The aggregate income per participating unit on total units attributed to each participant for the DCP Funds will be reinvested automatically. If applicable, new units will be credited to the respective accounts of all of the participants in proportion to their holdings of participating units immediately prior to the determination of the net income available for distribution. In the reinvestment of aggregate income as described above, fractional units may be issued representing fractions of one dollar.

(d) In the event of errors or omissions in the calculation of unit values or participants' accounts the Plan Administrator shall correct such errors or omissions in accordance with any applicable contract with the State.

N.J. Admin. Code § 17:16-65.5

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).
Deleted "last business day of each month (for Common Funds) or each business day (for Outside Funds)"; added reference to N.J.A.C. 17:16-65.6; and added second sentence.
Recodified from N.J.A.C. 17:16-65.7 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 "Valuation". Rewrote the section. Former N.J.A.C. 17:16-65.5, Units of participation, recodified to N.J.A.C. 17:16-65.3.
Amended by R.2012 d.194, effective 12/3/2012.
See: 44 N.J.R. 1966(a), 44 N.J.R. 2999(b).
In (a), updated the N.J.A.C. reference, substituted "net assets of the fund" for "total value of the fund's securities and other assets, less any administrative expenses or other liabilities,", and deleted the last sentence.