N.J. Admin. Code § 17:16-68.5

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

Section 17:16-68.5 - Valuation of units

(a) The net asset value per unit of participation of the fund shall be calculated as the net assets of the fund divided by the total outstanding units of participation in the fund. The valuation of net assets shall be calculated as total assets minus total liabilities, in accordance with applicable accounting standards.

(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 unit of participation on total units attributed to each participant shall be reinvested automatically in additional units of participation. New units shall 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 its agreement with the State of New Jersey.

N.J. Admin. Code § 17:16-68.5

Recodified from N.J.A.C. 17:16-68.7 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. 17:16-68.5, Units of participation, recodified to N.J.A.C. 17:16-68.3.
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).