N.J. Admin. Code § 17:4A-16.1

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

Section 17:4A-16.1 - Permissible investments

(a) Subject to the limitations in this subchapter, the Board may invest and reinvest PFRSNJ-managed fund assets in global equity investments.

(b) In addition to making the investments described at (a) above, the Board may:

1. Exercise the rights or conversion privileges of any global equity investment acquired under this subchapter;

2. Purchase the convertible preferred stock or rights of an entity, the common stock of such entity that qualifies for investment under this subchapter;

3. Purchase the convertible debt issue of an entity, the common stock of such entity that qualifies for investment under this subchapter;

4. Purchase stock in new public offerings of entities; and

5. Retain any distribution received as a result of a corporate action, even if the security distributed does not meet the requirements of this subchapter.

(c) Notwithstanding the restrictions in this subchapter, the Board may approve the purchase of global equity investments 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-16.1

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

Recodified from 17:4A-16.2 by 56 N.J.R. 795(a) effective 5/6/2024