N.J. Admin. Code § 17:4A-14.1

Current through Register Vol. 56, No. 21, November 4, 2024

Section 17:4A-14.1 - Permissible investments

(a) Subject to the limitations in this subchapter, the Board may invest and reinvest the PFRSNJ-managed fund assets in money market funds or the State of New Jersey Cash Management Fund provided that the money market funds, at the time of purchase:

1. Invest primarily in securities authorized pursuant to N.J.A.C. 17:4A-5, 6, 7, 11, 12, and 13, with the exception of the credit quality limitations;

2. Have an aggregate credit rating of at least: P-1 or higher by Moody's Investors Service, Inc., A-1 or higher by Standard & Poor's Corporation, and F-1 or higher by Fitch Ratings, except that two of the three ratings is sufficient and one of the three ratings is sufficient if only one rating is available;

3. Are in compliance with Rule 2a-7 under the Investment Company Act of 1940, as promulgated by the U.S. Securities and Exchange Commission; and

4. Have a minimum net asset value of $ 1 billion. Subsequent to purchase, if the net asset value falls below $ 1 billion, the investment does not have to be sold.

(b) Notwithstanding the restrictions at (a) above, the Board may authorize the purchase of money market funds on a case-by-case basis if the Board determines such purchase to be in the financial best interest of the PFRSNJ and its beneficiaries and is consistent with the Board's fiduciary responsibility.

N.J. Admin. Code § 17:4A-14.1

Adopted by 53 N.J.R. 1147(a), effective 7/6/2021

Recodified from 17:4A-14.2 by 56 N.J.R. 795(a) effective 5/6/2024