N.J. Admin. Code § 17:16-69.4

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

Section 17:16-69.4 - 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 each Common Pension Fund and the net assets of each Common Pension Fund in the method provided for in this section.

(b) The valuation of investments and net assets shall be determined at the opening of each business day and shall be based on assets and liabilities as of the close of the previous business day; provided, however, that the valuation of investments that are not publicly traded shall be determined at the discretion of the Director but no less frequently than once per quarter. The valuation, in every case, shall be converted into United States dollars.

(c) The Director shall use the following method of valuation of investments and net assets:

1. The valuation of an investment established by an outside entity, including the general partner or manager of an investment, may be used; provided that such entity provides supporting information to the Director, and the valuation is reviewed and approved by the Director. The valuation of investments shall be made in accordance with applicable accounting standards.

2. Subsequent to the date of the last available investment valuation, and until the next valuation is received from the outside entity, all subsequent cash contributions and distributions will be recorded as of the date of the transaction as an adjustment to the valuation.

3. The valuation of publicly traded securities shall be made in accordance with applicable accounting standards, using recognized industry pricing sources.

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

5. All valuations determined under this section shall be converted on the valuation date into United States dollars at rates established by a recognized pricing service.

N.J. Admin. Code § 17:16-69.4

Recodified from N.J.A.C. 17:16-69.5 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". Section combined with former N.J.A.C. 17:16-69.6, Date of valuation, and 17:16-69.7, Method of valuation, and substantially amended. Former N.J.A.C. 17:16-69.4, Units of participation, repealed.
Amended by R.2012 d.020, effective 1/17/2012.
See: 43 N.J.R. 2286(a), 44 N.J.R. 176(a).
Section was "Valuation of investments". In (a), inserted "and the net assets of the common fund"; rewrote (b) and (c)2 through (c)5; in the introductory paragraph of (c), inserted "and net assets"; in (c)1, inserted "of an investment", and the last sentence; and deleted (d).
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) and (b).