reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 15 - NON-CONVERTIBLE PREFERRED STOCKS › Section 17:4A-15.1 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject
				to the limitations in this subchapter, the Board may invest and reinvest
				PFRSNJ-managed fund assets in non-convertible preferred stock, provided that:
1. The stock is traded on a securities
				exchange or over-the-counter market or issued through a private
				placement;
2. The company has a
				market capitalization or contributed capital of at least $ 100 million.
				Subsequent to purchase, if capitalization or contributed capital falls below $
				100 million, the investment does not have to be sold; and
3. The stock has a credit rating of at least:
				Baa3 or higher by Moody's Investors Service, Inc., BBB- or higher by Standard
				& Poor's Corporation, and BBB- 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. Subsequent to purchase, if the ratings fall
				below the minimum rating for such securities, they do not have to be sold, and
				they may be exchanged with securities with credit ratings lower than the
				minimum rating if the securities received in exchange are, on balance,
				similarly rated.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 15 - NON-CONVERTIBLE PREFERRED STOCKS › Section 17:4A-15.2 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At the time of
				initial purchase, the following conditions shall be met:
1. The total amount of non-convertible
				preferred stock purchased or acquired pursuant to this subchapter, in the
				aggregate, of any one issuer shall not exceed 10 percent of the outstanding
				non-convertible preferred stock or 25 percent of the issue at the time of
				issue, except that this requirement may be waived by the Board;
2. The total amount directly invested in the
				equity and fixed income obligations of any one issuer and affiliated entities,
				in the aggregate, shall not exceed five percent of total PFRSNJ fund assets;
				and
3. The total amount directly
				invested in debt issued through a private placement, in the aggregate, shall
				not exceed seven percent of the total PFRSNJ fund assets.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 16 - GLOBAL EQUITY INVESTMENTS › Section 17:4A-16.1 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
(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.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 16 - GLOBAL EQUITY INVESTMENTS › Section 17:4A-16.2 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At the time of
				initial purchase, the following conditions shall be met:
1. The combined market value of global equity
				investments, excluding exchange-traded funds that invest in fixed-income
				assets, strategies, or indices, held directly by the PFRSNJ pursuant to this
				subchapter shall not exceed 70 percent of the total PFRSNJ-managed fund assets.
				The Board shall be notified at the next regularly scheduled meeting of the
				Board when the combined market value of the equity investments held by the
				PFRSNJ reaches or exceeds 68 percent of the total PFRSNJ-managed fund assets.
				Subsection (b) below shall apply when the combined market value of the equity
				investments held by the PFRSNJ exceeds 70 percent of the total PFRSNJ-managed
				fund assets;
2. The total amount
				directly invested in the equity and fixed income obligations of any one issuer
				and affiliated entities shall not exceed five percent of the total PFRSNJ fund
				assets;
3. The total amount of a
				particular class of stock directly purchased or acquired of any one entity
				shall be less than 10 percent of that class of stock outstanding;
4. The total amount of shares or interests
				directly purchased or acquired of any one exchange-traded fund or closed-end
				global, regional, or country fund shall not exceed 10 percent of the total
				shares outstanding or interests of such fund; and
5. The total amount of PFRSNJ-managed fund
				assets directly invested in equity investments issued through a private
				placement in the aggregate, shall not exceed two percent of the total PFRSNJ
				fund assets.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 17 - MORTGAGE-BACKED SENIOR DEBT SECURITIES; MORTGAGE-BACKED PASS-THROUGH SECURITIES › Section 17:4A-17.1 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject
				to the limitations in this subchapter, the Board may invest and reinvest
				PFRSNJ-managed fund assets in mortgage-backed senior debt securities provided
				that the issue must be $ 50 million or more in size.
(b) Subject to the limitations in this
				subchapter, the Board may invest and reinvest PFRSNJ-managed fund assets in
				mortgage-backed pass-through securities provided that:
1. The issue has been registered with the
				Securities and Exchange Commission, except that this requirement may be waived
				by the Board;
2. The sponsor is not
				in default as to the payment of principal or interest upon any of its
				outstanding obligations. If, subsequent to purchase, the sponsor defaults, the
				investment does not have to be sold; and
3. The issue has a credit rating of at least
				Baa3 or higher by Moody's Investors Service, Inc., BBB- or higher by Standard
				& Poor's Corporation, and BBB- or higher by Fitch Ratings, except that two
				of three ratings is sufficient and one of the three ratings is sufficient if
				only one rating is available. Subsequent to purchase, if the rating falls below
				the minimum rating for such issue, it does not have to be sold, and the issue
				may be exchanged with an issue with a credit rating lower than the minimum
				rating if the issue received in exchange is, on balance, similarly
				rated.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 17 - MORTGAGE-BACKED SENIOR DEBT SECURITIES; MORTGAGE-BACKED PASS-THROUGH SECURITIES › Section 17:4A-17.2 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At the time of
				initial purchase, the following conditions shall be met:
1. Not more than 25 percent of any one issue
				of mortgage-backed senior debt securities may be directly purchased at the time
				of issue, except that this requirement may be waived by the Board;
2. Not more than five percent of the market
				value of the total PFRSNJ fund assets shall be directly invested in any one
				issue; and
3. Not more than 10
				percent of the total PFRSNJ fund assets shall be directly invested in
				mortgage-backed senior debt securities and mortgage-backed pass-through
				securities.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 17 - MORTGAGE-BACKED SENIOR DEBT SECURITIES; MORTGAGE-BACKED PASS-THROUGH SECURITIES › Section 17:4A-17.3

Current through Register Vol. 56, No. 14, July 15, 2024
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 17 - MORTGAGE-BACKED SENIOR DEBT SECURITIES; MORTGAGE-BACKED PASS-THROUGH SECURITIES › Section 17:4A-17.4

Current through Register Vol. 56, No. 14, July 15, 2024
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 18 - REAL ASSETS › Section 17:4A-18.1 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject
				to the limitations in this subchapter, the Board may invest PFRSNJ fund assets
				in real assets in any of the following ways:
1. Invest in real assets through direct
				investments, separate accounts, commingled funds, co-investments,
				funds-of-funds, and joint ventures directly, provided that the further
				provisions at
				N.J.A.C.
				17:4A-1.4 have been met;
2. Purchase the common stock of an entity
				that primarily invests in real assets, and whose stock is traded on a
				securities exchange or over-the-counter market or offered and sold through a
				private placement; and 3. Purchase exchange-traded funds traded on a securities
				exchange or the over-the-counter market that primarily invests in real assets.
				For the purposes of this subchapter, exchange-traded funds shall be considered
				as common stock in determining all applicable limitations contained in this
				subchapter.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 18 - REAL ASSETS › Section 17:4A-18.2 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At the time of
				purchase of publicly traded securities pursuant to this subchapter, or at the
				time of presentation to the Investment Committee in accordance with
				N.J.A.C.
				17:4A-1.4 for investments other than publicly
				traded securities, the following conditions shall be met:
1. No more than 13 percent of the market
				value of total PFRSNJ fund assets may be invested in real estate;
2. No more than seven percent of the market
				value of the total PFRSNJ fund assets may be invested in real assets other than
				real estate;
3. The total amount
				directly invested in the equity and fixed income obligations of any one issuer
				and affiliated entities shall not exceed five percent of the total PFRSNJ fund
				assets;
4. The total amount of a
				particular class of stock purchased or acquired of any one issuer eligible for
				investment pursuant to
				N.J.A.C.
				17:4A-18.1(a) and (b) shall
				not exceed 10 percent of that class of stock outstanding; and
5. The total amount of shares directly
				purchased or acquired of any one exchange-traded fund shall not exceed 10
				percent of the total shares outstanding of such fund.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 19 - FOREIGN CURRENCY TRANSACTIONS › Section 17:4A-19.1 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject
				to the limitations in this subchapter, the Board may enter into spot contracts
				for the purpose of settling investment transactions denominated in foreign
				currency.
(b) Subject to the
				limitations in this subchapter, the Board may enter into forward contracts for
				the purpose of hedging the portfolio.
(c) At the time of each transaction, the
				counterparty (or any guarantor pledging its full faith and credit to the
				transaction) shall have a long-term credit rating of at least: Baa2 or higher
				by Moody's Investors Service, Inc., BBB or higher by Standard & Poor's
				Corporation, and BBB or higher by Fitch Ratings, except that two of the three
				ratings are sufficient and one of the three ratings is sufficient if only one
				rating is available.
(d)
				Notwithstanding the restrictions in this subchapter, the Board may enter into
				foreign currency transactions 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.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 19 - FOREIGN CURRENCY TRANSACTIONS › Section 17:4A-19.2 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
The portfolio should be unhedged, except in such instances in
				  which the Chief Investment Officer believes that circumstances exist in which
				  hedging foreign currency risk would serve to improve or protect the inherent
				  returns of the portfolio.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 20 - FUTURES CONTRACTS › Section 17:4A-20.1 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject
				to the limitations in this subchapter, the Board may invest and reinvest
				PFRSNJ-managed fund assets in futures contracts, provided that the futures
				contracts trade on a securities exchange or the over-the-counter
				market.
(b) The Board may deliver
				securities to satisfy contractual obligations pursuant to the Board's purchase
				and sale of a futures contract.
(c)
				Notwithstanding the restrictions in this subchapter, the Board may authorize
				the purchase of futures contracts 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.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 20 - FUTURES CONTRACTS › Section 17:4A-20.2 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At the time of
				each transaction, the following conditions shall be met:
1. Each transaction shall be subject to
				applicable market or other regulatory position limits;
2. The aggregate market value of each asset
				class, together with the notional value of any futures contract obligations
				should be within the asset allocation range for the respective asset class;
				and
3. The total aggregate notional
				value of all futures contracts shall not exceed an amount equal to five percent
				of the total PFRSNJ fund assets, except that this limit may be increased to an
				amount not to exceed 10 percent by the Chief Investment Officer for a fixed
				period of time after consultation with the Investment Committee of the Board.
				Long and short positions shall not be netted when computing total aggregate
				notional value.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 21 - SWAP TRANSACTIONS › Section 17:4A-21.1 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject
				to the limitations in this subchapter, the Board may enter into swap
				transactions, including index-based swap transactions, on behalf of the PFRSNJ
				provided that:
1. Swap transactions shall be
				listed on a securities exchange, traded on an over-the-counter market, or be
				bid/offered on a competitive basis with multiple broker dealers;
2. Credit default swap transactions may only
				be purchased for fixed-income securities held in the pertinent portfolio,
				except that index-based swaps may be purchased if the Board determines that a
				significant number of the underlying obligations contained in the index
				correspond to securities eligible for investment by, and are actually held in,
				the pertinent portfolio; and
3. At
				the time of each transaction, the counterparty (or any guarantor pledging its
				full faith and credit to the transaction) shall have a long-term credit rating
				of at least: Baa2 or higher by Moody's Investors Service, Inc, BBB or higher by
				Standard & Poor's Corporation, and BBB or higher by Fitch Ratings, except
				that two of the three ratings are sufficient and one of the three ratings is
				sufficient if only one rating is available.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 21 - SWAP TRANSACTIONS › Section 17:4A-21.2 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At the time of
				entering into a swap transaction:
1. The
				notional value of net exposure to any one counterparty shall not exceed one
				percent of the total PFRSNJ fund assets; and
2. The total aggregate notional value of all
				swap transactions shall not exceed five percent of the total PFRSNJ fund
				assets, except that this limit may be increased to an amount not to exceed 10
				percent by the Chief Investment Officer for a fixed period of time after
				consultation with the Investment Committee of the Board.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 22 - COVERED CALL OPTIONS › Section 17:4A-22.1 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject
				to the limitations in this subchapter, the Board may sell and repurchase
				covered call options on behalf of the PFRSNJ, provided that any covered call
				option purchased or sold shall be listed on a securities exchange, traded on
				the over-the-counter market, or be bid/offered on a competitive basis with
				multiple broker dealers.
(b)
				Notwithstanding the restrictions in this subchapter, the Board may approve
				covered call options on a case-by-case basis if the Board determines such
				transaction to be in the financial best interest of the PFRSNJ and its
				beneficiaries and is consistent with the Board's fiduciary
				responsibility.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 23 - PUT OPTIONS › Section 17:4A-23.1 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject
				to the limitations in this subchapter, the Board may purchase and sell put
				options, including index-based put options, on behalf of the PFRSNJ, provided
				that any put option purchased or sold shall be listed on a securities exchange,
				traded on the over-the-counter market, or be bid/offered on a competitive basis
				with multiple broker dealers.
(b)
				Subject to the limitations in this subchapter, the Board may execute and
				subsequently terminate put spreads, provided that the purchased and written put
				options shall be for the same number of contracts, and shall be listed on a
				securities exchange, traded on the over-the-counter market, or be bid/offered
				on a competitive basis with multiple broker dealers.
(c) Notwithstanding the restrictions in this
				subchapter, the Board may approve put options or put spreads on a case-by-case
				basis if the Board determines such transaction to be in the financial best
				interest of the PFRSNJ and its beneficiaries and is consistent with the Board's
				fiduciary responsibility.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 23 - PUT OPTIONS › Section 17:4A-23.2 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The difference
				between the aggregate market value of purchased put options and written put
				options outstanding at any one time cannot exceed two percent of the market
				value of the total PFRSNJ fund assets.
(b) If subsequent to purchasing or writing
				put options, the limitation at (a) above is exceeded, the Board shall authorize
				the sale of put options in an amount necessary to comply with such
				limitation.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 24 - PRIVATE EQUITY › Section 17:4A-24.1 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject
				to the limitations in this subchapter, the Board may invest and reinvest the
				moneys of the PFRSNJ-managed fund assets in private equity in any of the
				following ways:
1. Invest in private equity
				investments through separate accounts, funds-of-funds, commingled funds, direct
				investments, co-investments, and joint ventures provided that the requirements
				at N.J.A.C. 17:4A-1.4 have been
				met;
2. Purchase the common stock
				of an entity that primarily invests in private equity, and whose stock is
				traded on a securities exchange or over-the-counter market or offered and sold
				through a private placement; or
3.
				Purchase exchange-traded funds traded on a securities exchange or the
				over-the-counter market that primarily invests in private equity. For the
				purposes of this subchapter, exchange-traded funds shall be considered as
				common stock in determining all applicable limitations contained in this
				subchapter.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 24 - PRIVATE EQUITY › Section 17:4A-24.2 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At the time of
				purchase of publicly traded securities pursuant to this subchapter or at the
				time of presentation to the Investment Committee in accordance with
				N.J.A.C.
				17:4A-1.4 for investments other than publicly
				traded securities, the following conditions shall be met:
1. The aggregate market value of private
				equity investments shall not exceed 18 percent of the total PFRSNJ fund
				assets;
2. The total amount
				directly invested in the equity and fixed income obligations of any one issuer
				and affiliated entities, in the aggregate, shall not exceed five percent of the
				total PFRSNJ fund assets;
3. The
				total amount of a particular class of stock purchased or acquired of any one
				issuer, in the aggregate, shall not exceed 10 percent of that class of stock
				outstanding; and
4. The total
				amount of shares directly purchased or acquired of any one exchange-traded fund
				shall not exceed 10 percent of the total shares outstanding of such
				fund.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 25 - OPPORTUNISTIC INVESTMENTS › Section 17:4A-25.1 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject
				to the limitations in this subchapter, the Board may invest and reinvest
				PFRSNJ-managed fund assets in opportunistic investments, provided that the
				requirements at
				N.J.A.C.
				17:4A-1.4 have been met.
(b) For all investments of PFRSNJ-managed
				fund assets in opportunistic investments, the Chief Investment Officer or
				Investment Committee shall provide an informational memorandum to the Board,
				which memorandum shall be provided at the next regularly scheduled meeting of
				the Board subsequent to the date such investment has been made.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 25 - OPPORTUNISTIC INVESTMENTS › Section 17:4A-25.2 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At the time of
				initial purchase, the following conditions shall be met:
1. Not more than seven percent of the total
				PFRSNJ fund assets shall be invested in opportunistic investments;
				and
2. Not more than two percent of
				the total PFRSNJ fund assets shall be invested in any one opportunistic
				investment.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 26 - ABSOLUTE RETURN STRATEGY INVESTMENTS › Section 17:4A-26.1 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject
				to the limitations in this subchapter, the Board may invest and reinvest
				PFRSNJ-managed fund assets in absolute return strategy investments in any of
				the following ways:
1. Invest in absolute
				return strategy funds through commingled funds, funds-of-funds, separate
				accounts, managed accounts, and direct investments in individual funds,
				provided that the requirements at
				N.J.A.C.
				17:4A-1.4 have been met;
2. Purchase the common stock of an entity
				that primarily invests in absolute return strategy investments, and whose stock
				is traded on a securities exchange, over-the-counter market, or offered and
				sold through a private placement; and
3. Purchase exchange-traded funds traded on a
				securities exchange or the over-the-counter market that primarily invests in
				absolute return strategy investments. For the purposes of this subchapter,
				exchange-traded funds shall be considered as common stock in determining all
				applicable limitations contained in this subchapter.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 26 - ABSOLUTE RETURN STRATEGY INVESTMENTS › Section 17:4A-26.2 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At the time of
				purchase of publicly traded securities pursuant to this subchapter, or at the
				time of presentation to the Investment Committee in accordance with
				N.J.A.C.
				17:4A-1.4 for investments other than publicly
				traded securities, the following conditions shall be met:
1. The aggregate market value of investments
				in absolute return strategy investments shall not exceed 10 percent of the
				total PFRSNJ fund assets;
2. The
				total amount directly invested in the equity and fixed-income obligations of
				any one issuer and affiliated entities shall not exceed five percent of the
				total PFRSNJ fund assets;
3. The
				total amount of a particular class of stock purchased or acquired of any one
				issuer eligible for investment pursuant to 24.1(a)2 and (b) shall not exceed 10
				percent of that class of stock outstanding; and
4. The total amount of shares directly
				purchased or acquired of any one exchange-traded fund shall not exceed 10
				percent of the total shares outstanding of such fund.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 5 - STATE POLICE RETIREMENT SYSTEM › Subchapter 1 - ADMINISTRATION › Section 17:5-1.1 - Board meetings

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Board shall meet on the fourth
				Tuesday of each month, beginning in January and every other month thereafter,
				or at such other time as may be deemed necessary by the Board.
(b) Persons audio- or video-recording a Board
				meeting shall inform the Secretary of the Board and provide their names and
				addresses. The location of cameras and recording devices shall not obstruct or
				interfere with the conduct of business by the Board and the Secretary shall
				assist in identifying an appropriate location for such devices.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 5 - STATE POLICE RETIREMENT SYSTEM › Subchapter 1 - ADMINISTRATION › Section 17:5-1.2 - Fiscal year

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Fiscal year
				shall mean the 12-month period of fiscal transactions commencing July 1 and
				running until June 30 following.
(b) All reports and statements will consider
				such a fiscal year except special reports not having direct relationship to the
				financial transactions of the retirement system.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 5 - STATE POLICE RETIREMENT SYSTEM › Subchapter 1 - ADMINISTRATION › Section 17:5-1.3 - Officers and committees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The chairperson
				and vice chairperson of the Board will be appointed by the Superintendent of
				State Police pursuant to
				N.J.S.A.
				53:5A-30.b(1). The chairperson of the Board
				shall preside at all meetings, or in the absence of the chairperson, the vice
				chairperson shall assume the chairperson's responsibilities. If both are
				absent, another member selected by the majority of the members in attendance
				will preside for that single meeting.
(b) The Director of the Division shall
				appoint a qualified employee of the Division to be Secretary of the
				Board.
(c) The chairperson will
				appoint such committees from the Board members as deemed necessary to
				facilitate the Board's operations. Such committee appointment will be for a
				one-year period, commencing each July 1.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 5 - STATE POLICE RETIREMENT SYSTEM › Subchapter 1 - ADMINISTRATION › Section 17:5-1.4 - Certifying officer (employer)

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The official
				properly designated by the Division of State Police will serve as the
				certifying officer.
(b) The prime
				purpose of the certifying officer will be to certify facts of enrollment,
				retirement, withdrawal and to implement proper procedures for the reports and
				transmittal of employee deductions and to act as liaison for all dealings
				between the Division of State Police and the Retirement System. The certifying
				officer shall also be responsible for all other duties relating to matters
				concerning the System including providing requested documentation in a timely
				manner.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 5 - STATE POLICE RETIREMENT SYSTEM › Subchapter 1 - ADMINISTRATION › Section 17:5-1.5 - Records

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In addition to the provisions of N.J.A.C.
				17:1 -1.2, the approved minutes of the Board are a matter of public record and
				may be inspected during regular business hours in the Office of the Board
				Secretary.
(b) The annual report of
				the System's actuary shall not be released until it has been accepted by the
				Board.
(c) Original documents, if
				available, shall only be viewed by appointment at the Division.
(d) The mailing address, telephone number, or
				e-mail address of any active or retired member is considered to be a part of
				the member's confidential files and shall not be released for any
				purpose.
(e) The beneficiary
				designations of an active or retired member are considered to be a part of the
				member's confidential files and shall only be released after the member's
				death.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 5 - STATE POLICE RETIREMENT SYSTEM › Subchapter 1 - ADMINISTRATION › Section 17:5-1.6 - Appeal from Board decisions

Current through Register Vol. 56, No. 14, July 15, 2024
The following statement shall be incorporated in every
				  written notice setting forth the Board's determination in a matter where such
				  determination is contrary to the claim made by the claimant or the claimant's
				  legal representative:
(a) If the
				member disagrees with the determination of the Board, the member may appeal by
				submitting a written statement to the Board within 45 days after the date of
				written notice of the determination. The statement shall set forth in detail
				the reasons for the member's disagreement with the Board's determination and
				shall include any relevant documentation supporting the claim. If no such
				written statement is received within the 45-day period, the determination by
				the Board shall be final.
(b) The
				Board shall determine whether to grant an administrative hearing based upon the
				standards for a contested case hearing set forth in the Administrative
				Procedure Act,
				N.J.S.A.
				52:14B-1et seq., and the Uniform
				Administrative Procedure Rules, N.J.A.C. 1:1-1 et seq.
(c) Administrative hearings will be conducted
				by the Office of Administrative Law pursuant to the provisions of
				N.J.S.A.
				52:14B-1et seq. and N.J.A.C. 1:1-1
(d) If the granted appeal involves a question
				of facts, the Board shall submit the matter to the Office of Administrative
				Law.
(e) If the granted appeal
				involves solely a question of law, the Board may retain the matter and issue a
				final administrative determination which shall include detailed findings of
				fact and conclusions of law based upon the documents, submissions and legal
				arguments of the parties. The Board's final determination may be appealed to
				the Superior Court, Appellate Division.
(f) The Director of the Division may
				authorize or deny requests to extend the time allowed for exceptions and
				replies, and to seek an extension of the time for the Board to render a final
				decision adopting, rejecting, or modifying an initial decision."
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 5 - STATE POLICE RETIREMENT SYSTEM › Subchapter 1 - ADMINISTRATION › Section 17:5-1.7 - Verified discrepancy in member's age

Current through Register Vol. 56, No. 14, July 15, 2024
If proof of age documents establish a verified discrepancy
				  between a member's proven age and the age on file with the Division, the
				  member's account, active or retired, shall be reconstructed and all benefit
				  entitlements and contributions shall be determined on the basis of the member's
				  correct date of birth.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 5 - STATE POLICE RETIREMENT SYSTEM › Subchapter 1 - ADMINISTRATION › Section 17:5-1.8 - State employees; biweekly salaries

Current through Register Vol. 56, No. 14, July 15, 2024
Retirement and death benefits as well as service credit will
				  be determined on the basis of biweekly pay periods for State employees paid by
				  centralized payroll.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 5 - STATE POLICE RETIREMENT SYSTEM › Subchapter 1 - ADMINISTRATION › Section 17:5-1.9 - Proof of age

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All members shall establish proof of
				their age with the System. Acceptable proof of age documents include birth
				certificates with a visible seal, passports, U.S. passport cards,
				naturalization or immigration papers, valid New Jersey, New York, or
				Pennsylvania digital driver licenses, or digital non-driver ID cards from the
				New Jersey Motor Vehicle Commission (MVC), indicating a member's age.
(b) In the event a member dies before
				satisfactory evidence of the member's date of birth has been filed with the
				System, appropriate evidence may be required before any death claim is
				processed for settlement.
(c) In
				the event proof of age has not been filed with the System before retirement,
				such proof must be filed before any retirement benefits may be
				disbursed.
(d) If a member is
				transferring into the SPRS from another State-administered retirement system
				where proof of age was already secured, no additional proof of age will be
				required. This subsection shall also apply for members transferring into
				another State-administered retirement system from the SPRS.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 5 - STATE POLICE RETIREMENT SYSTEM › Subchapter 2 - INSURANCE AND DEATH BENEFITS › Section 17:5-2.1 - Computation of insurance benefits

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Full salary
				credit will be given for the biweekly pay period in which a member dies, if the
				member was paid salary to the date of death and the salary paid was sufficient
				to permit a full normal biweekly pension deduction.
(b) For members who enrolled on or before May
				21, 2010, death benefits and noncontributory insurance benefits shall be based
				on the base salary upon which contributions to the Annuity Savings Fund were
				actually made during the 26 biweekly pay periods immediately preceding the
				member's death, plus maintenance received by the member concurrent with such
				salary. Biweekly pay periods in which no salary was paid shall not be used in
				the calculation. For members who enrolled after May 21, 2010, death benefits
				and noncontributory insurance benefits shall be based on the average salary
				upon which pension contributions to the Annuity Savings Fund were made for any
				three fiscal years of membership preceding the member's death as an active
				member that provides the largest possible benefit.
(c) If a member dies during the first year
				following the date of enrollment, the insurance benefit shall be 3 1/2 times
				the member's base salary on which the member contributed or would have
				contributed immediately prior to death, plus the maintenance received by the
				member concurrent with such salary.
(d) Where a post-audit of insurance claim
				payments indicates the pension contributions reported by an employer were
				incorrect and resulted in the underpayment of an insurance claim to the
				member's designated beneficiary or estate, an additional check would be sent to
				the beneficiary for the value of the underpayment. Should any change or error
				in the records result in any member receiving from the pension fund more than
				he or she would have been entitled to receive had the records been correct, the
				Board of Trustees shall correct such error, as far as practicable, and shall
				adjust the payments payable to the member's designated beneficiary or estate
				pursuant to N.J.A.C. 17:1 -2.10.
(e) If a deceased member does not have an
				eligible surviving spouse, child or parent, then refunds of a deceased member's
				pension contributions will be made to the member's designated
				beneficiary.
(f) In computing the
				salary upon which pension contributions were based during the member's last
				year of service, a total of 26 biweekly pays will be used including any
				retroactive salary payments made which are attributable to those 26 pay
				periods. The total salary will be adjusted by multiplying the total by the
				factors supplied by the actuary; such adjustment will compensate for State
				biweekly payroll schedules.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 5 - STATE POLICE RETIREMENT SYSTEM › Subchapter 2 - INSURANCE AND DEATH BENEFITS › Section 17:5-2.2 - Survivor benefits

Current through Register Vol. 56, No. 14, July 15, 2024
Eligible survivors shall become entitled to benefits on the
				  first of the month following the member's death. The pension payment shall
				  begin on the first of the month following the survivor's eligibility for
				  benefits date. Survivor benefits shall terminate as of the last day of the
				  month in which the survivor no longer qualifies for such benefits.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 5 - STATE POLICE RETIREMENT SYSTEM › Subchapter 2 - INSURANCE AND DEATH BENEFITS › Section 17:5-2.3 - Leave for illness

Current through Register Vol. 56, No. 14, July 15, 2024
Coverage during a leave of absence without pay due to
				  illness shall apply only to the personal illness of the member. A leave of
				  absence on account of another person's illness will not entitle the member to
				  continue insurance coverage.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 5 - STATE POLICE RETIREMENT SYSTEM › Subchapter 2 - INSURANCE AND DEATH BENEFITS › Section 17:5-2.4 - Acceptable designations of beneficiaries

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A
				member's designation of beneficiary or beneficiaries of group life insurance on
				a duly executed retirement application:
1. Is
				effective upon filing with and acceptance by the Division, even if the
				retirement date on the application is in the future or the member withdraws the
				retirement application;
2.
				Supersedes any previous beneficiary designation on file; and
3. Such designation shall include: full name,
				Social Security number, tax identification number (for estates or trusts),
				address, and date of birth.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 5 - STATE POLICE RETIREMENT SYSTEM › Subchapter 3 - MEMBERSHIP › Section 17:5-3.1 - Creditable salary

Current through Register Vol. 56, No. 14, July 15, 2024
(a) "Creditable compensation" or the phrase
				"compensation upon which contributions by the member to the Annuity Savings
				Fund were based" shall be limited to base salary that is in accordance with
				established salary policies of the State for all employees in the same position
				but shall not include individual salary adjustments that are granted primarily
				in anticipation of the member's retirement or additional remuneration for
				performing temporary duties beyond the regular workday or shift.
(b) Bonus or overtime payments are not to be
				considered for such purpose.
(c)
				Payments made in a lump sum, stipend, or other than as a regular salary
				disbursement will not be considered.
(d) With respect to all claims for benefits,
				the Division shall investigate increases in compensation reported for credit
				which exceed reasonably anticipated annual compensation increases for members
				of the retirement system based upon consideration of the Consumer Price Index
				for the time period of the increases, the table of assumed salary increases
				recommended by the actuary and adopted by the Board, and the annual percentage
				increases of salaries as indicated in data from the Public Employment Relations
				Commission, or through other reliable industry sources of information regarding
				average annual salary increases. Those cases where a violation of the statute
				or rules is suspected shall be referred to the Board.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 5 - STATE POLICE RETIREMENT SYSTEM › Subchapter 3 - MEMBERSHIP › Section 17:5-3.2 - Enrollment after May 21, 2010; maximum compensation limit

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An employee who
				is enrolled into the SPRS on or after May 21, 2010, will be subject to the
				benefit changes as a result of
				53:5A-3. A maximum compensation
				limit will be imposed on members of the system on or after May 21, 2010. The
				maximum amount will be the amount of base salary equivalent to the annual
				maximum wage contribution base for Social Security, pursuant to the Federal
				Insurance Contribution Act. A new member for whom this annual maximum will be
				reached in any year will become a participant of the Defined Contribution
				Retirement Program with regard to the remaining compensation, unless the member
				irrevocably elects to waive the participation. The amount of compensation over
				the maximum compensation will have a 5.5 percent deduction as a contribution to
				DCRP. When a member of the SPRS also becomes a participant in the DCRP, the
				life insurance and disability benefit provisions of that program will be
				available for that participant.
(b)
				Members enrolled in the SPRS, who also participate in the DCRP will receive
				service credit in their corresponding SPRS account, and will be eligible to
				retire under the rules of the SPRS. The salaries used in the calculation of the
				retirement benefits are limited to the maximum compensation amounts in effect
				when the salary is earned.
(c) An
				employee who is enrolled into the SPRS on or after May 21, 2010 will have the
				member's retirement allowance calculated on the average annual compensation
				received by the member during any three fiscal years of membership providing
				the largest possible benefit.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 5 - STATE POLICE RETIREMENT SYSTEM › Subchapter 3 - MEMBERSHIP › Section 17:5-3.3 - Deductions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A full
				deduction shall be taken for the SPRS for any payroll period in which the
				member is paid a sufficient amount to make a full normal pension deduction. If
				wages are sufficient, deductions shall also be made for any arrears or loan
				deductions then in effect.
(b) No
				deductions shall be taken in any pay period in which the employee's salary is
				not sufficient to cover the required deductions for the SPRS.
(c) Credit, as established in the retirement
				system, will be reduced by breaks in service, and leaves or absences without
				pay, the total of such credit adjusted to the nearest pay period.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 5 - STATE POLICE RETIREMENT SYSTEM › Subchapter 3 - MEMBERSHIP › Section 17:5-3.4 - Minimum adjustment

Current through Register Vol. 56, No. 14, July 15, 2024
In order to facilitate the reconciliation of a member's
				  account, upon death no refunds or additional contributions shall be made to a
				  member's loan and arrearages balances, if such adjustments involve the amount
				  of $ 50.00 or less. Unresolved differences of $ 50.00 or less will be written
				  off.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 5 - STATE POLICE RETIREMENT SYSTEM › Subchapter 3 - MEMBERSHIP › Section 17:5-3.5 - Suspension

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A suspended
				member will have insurance coverage continued for the period of the suspension,
				terminated by resignation or dismissal.
(b) No deductions will be made during such a
				break in service, nor will any service credit accrue.
(c) If, during the period of suspension or at
				the conclusion of the penalty period, adjustment is made in favor of the
				member, the Board may allow the payment of pension deductions to reflect the
				lesser penalty or the elimination of the entire suspension.