reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4 - POLICE AND FIREMEN'S RETIREMENT SYSTEM › Subchapter 7 - TRANSFERS › Section 17:4-7.3 - Transfer of PFRS membership and return to employment from retirement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Employees
				enrolled in the PFRS on or before May 21, 2010, who transfers employment within
				the PFRS, will retain his or her original membership status provided that there
				has not been a break in membership, two years or more without a pension
				contribution and/or the member has not withdrawn his or her PFRS
				account.
(b) If there has been a
				break in membership, the member has withdrawn his or her account or the member
				is a PFRS retiree who is returning to PFRS covered employment (except for
				disability retirees approved for return to active employment), upon meeting the
				eligibility requirements, the member will be regarded as a new enrollee;
				whereupon, the provisions
				43:16A-1 will apply.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4 - POLICE AND FIREMEN'S RETIREMENT SYSTEM › Subchapter 8 - WORLD TRADE CENTER ACCIDENTAL DISABILITY › Section 17:4-8.1 - Purpose of this subchapter

Current through Register Vol. 56, No. 14, July 15, 2024
The Bill Ricci World Trade Center Rescue, Recovery, and
				  Cleanup Operations Act (Act),
				  P.L.
				  2019, c. 157, permits
				  certain members or retirees of the Police and Firemen's Retirement System of
				  New Jersey (PFRSNJ), State Police Retirement System (SPRS), and Public
				  Employees' Retirement System (PERS) to receive an accidental disability
				  retirement allowance for disability resulting from participation in 9/11 World
				  Trade Center rescue, recovery, or cleanup operations. The purpose of this
				  subchapter is to establish the rules necessary to implement the provisions of
				  this law.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4 - POLICE AND FIREMEN'S RETIREMENT SYSTEM › Subchapter 8 - WORLD TRADE CENTER ACCIDENTAL DISABILITY › Section 17:4-8.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter,
				  shall have the following meanings unless the context clearly indicates
				  otherwise.
"Qualifying condition or impairment of health" shall
				  include:
1. Diseases of the upper
				respiratory tract and mucosae, including conditions of conjunctivitis,
				rhinitis, sinusitis, pharyngitis, laryngitis, vocal cord disease, upper airway
				hyper-reactivity, and tracheo-bronchitis, or a combination of such
				conditions;
2. Diseases of the
				lower respiratory tract, including, but not limited to, bronchitis, asthma,
				reactive airway dysfunction syndrome, and different types of pneumonitis, such
				as hypersensitivity, granulomatous, or eosinophilic;
3. Diseases of the gastroesophageal tract,
				including esophagitis and reflux disease, either acute or chronic, caused by
				exposure or aggravated by exposure;
4. Diseases of the psychological axis,
				including post-traumatic stress disorder, anxiety, depression, or any
				combination of such conditions;
5.
				Diseases of the skin, such as contact dermatitis or burns, either acute or
				chronic in nature, infectious, irritant, allergic, idiopathic, or non-specific
				reactive in nature, caused by exposure or aggravated by exposure; and
6. New onset diseases resulting from
				exposure, such as diseases occurring in the future including cancer, chronic
				obstructive pulmonary disease, asbestos-related disease, heavy metal poisoning,
				musculoskeletal disease, and chronic psychological disease.
"World Trade Center Health Program" means the program created
				  by the James Zadroga Health and Compensation Act of 2010, including the
				  Clinical Centers of Excellence administered by the Centers for Disease
				  Control/National Institute for Occupational Safety and Health.
"World Trade Center rescue, recovery, or cleanup operations"
				  means the rescue, recovery, or cleanup operations at the World Trade Center
				  site between September 11, 2001, and October 11, 2001.
"World Trade Center site" means any location below a line
				  starting from the Hudson River and Canal Street, east on Canal Street to Pike
				  Street, south on Pike Street to the East River, and extending to the lower tip
				  of Manhattan.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4 - POLICE AND FIREMEN'S RETIREMENT SYSTEM › Subchapter 8 - WORLD TRADE CENTER ACCIDENTAL DISABILITY › Section 17:4-8.3 - Eligibility

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The event(s) on
				which an application for accidental disability benefits is based shall be
				presumed to have occurred during, and as a result of, the performance of a
				member's regular or assigned duties and not the result of a member's willful
				negligence, if the member is:
1. Totally and
				permanently disabled by a qualifying condition or impairment of health as a
				direct result of participation in World Trade Center rescue, recovery, or
				cleanup operations;
2. Passed a
				physical examination for entry into public service that failed to disclose
				evidence of a qualifying condition or impairment of health that formed the
				basis for the total and permanent disability; and
3. Either under (a)3i or ii below, the member
				participated in World Trade Center rescue, recovery, or cleanup operations for:
i. A minimum of eight hours; or
ii. Less than eight hours, and the member
				sustained a documented physical injury at the World Trade Center site between
				September 11, 2001 and September 12, 2001, that prevented the member from
				continuing to participate in World Trade Center rescue, recovery, or cleanup
				operations for a minimum of eight hours, and the documented physical injury is
				a qualifying condition or impairment of health that resulted in a total and
				permanent disability for which the member seeks a presumption under this
				subsection.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4 - POLICE AND FIREMEN'S RETIREMENT SYSTEM › Subchapter 8 - WORLD TRADE CENTER ACCIDENTAL DISABILITY › Section 17:4-8.5 - Calculation of accidental disability benefits

Current through Register Vol. 56, No. 14, July 15, 2024
If a member or retiree is approved for accidental disability
				  retirement under the provisions of P.
				  L.
				  2019, c. 157 and this
				  subchapter, the annual allowance shall be 66 2/3 percent of the salary at the
				  time of September 11, 2001, or the time of retirement, whichever provides the
				  largest benefit to the member.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 1 - GENERAL PROVISIONS › Section 17:4A-1.1 - Purpose

Current through Register Vol. 56, No. 14, July 15, 2024
The purpose of this chapter is to formulate and establish
				  policies that shall govern the methods, practices, or procedures for
				  investment, reinvestment, purchase, sale, or exchange transactions to be
				  followed by the Board of Trustees of the Police and Firemen's Retirement System
				  of New Jersey with respect to those assets under the control and management of
				  the Board.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 1 - GENERAL PROVISIONS › Section 17:4A-1.3 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
The Board shall not make any commitment to purchase, sell, or
				  exchange securities or other investments using PFRSNJ-managed fund assets
				  unless such transaction complies with this chapter.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 1 - GENERAL PROVISIONS › Section 17:4A-1.4 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For all
				investments in direct investments, separate accounts, funds-of-funds,
				commingled funds, co-investment, and joint ventures, the investment committee
				shall receive a written due diligence report which shall contain, among other
				things:
1. Sufficient evidence to demonstrate
				that the proposed investment satisfies the applicable limitations and
				conditions set forth in this chapter; and
2. A summary of any and all compensation
				arrangements with consultants and intermediaries (whether direct or indirect)
				in connection with the proposed investment.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 1 - GENERAL PROVISIONS › Section 17:4A-1.5 - Legal documents

Current through Register Vol. 56, No. 14, July 15, 2024
In connection with any permissible investments pursuant to
				  this chapter, the Board shall obtain such documents, representations, or
				  opinions as may be required by legal counsel to the Board.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 2 - STATE OF NEW JERSEY CASH MANAGEMENT FUND › Section 17:4A-2.1 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
The Board may invest and reinvest PFRSNJ-managed fund assets
				  in the State of New Jersey Cash Management Fund.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 3 - PFRS BOARD'S POLICY CONCERNING POLITICAL CONTRIBUTIONS AND PROHIBITIONS ON INVESTMENT MANAGEMENT BUSINESS; COMMITMENT TO MINORITY- AND WOMEN-OWNED BUSINESS; COMMITMENT TO TRANSPARENCY WITH INVESTMENTS › Section 17:4A-3.1 - Purpose

Current through Register Vol. 56, No. 14, July 15, 2024
(a) It is the
				policy of the Board to ensure that the selection of investment management firms
				to provide investment management services to the PFRSNJ is based on the merits
				of such firms and not on the political contributions made by such firms. This
				subchapter is designed to protect the beneficiaries of the PFRSNJ, the State
				taxpayers, and the public interest by:
1.
				Prohibiting investment management firms from being engaged to provide
				investment management services to the Board if certain political contributions
				have been made; and
2. Requiring
				investment management firms that provide, or are applying to provide,
				investment management services to the Board to disclose certain political
				contributions, as well as other information, thereby allowing meaningful public
				scrutiny of the selection of investment management firms.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 3 - PFRS BOARD'S POLICY CONCERNING POLITICAL CONTRIBUTIONS AND PROHIBITIONS ON INVESTMENT MANAGEMENT BUSINESS; COMMITMENT TO MINORITY- AND WOMEN-OWNED BUSINESS; COMMITMENT TO TRANSPARENCY WITH INVESTMENTS › Section 17:4A-3.2 - Restrictions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Board shall
				not engage an investment management firm to provide investment management
				services for the benefit of the PFRSNJ and shall not recommend that a separate
				account invest with an investment management firm, if, within the two years
				prior to such engagement or recommendation, any political contribution or
				payment to a political party covered by this subchapter has been made, or paid
				by:
1. The investment management firm, its
				parent company, or any other person or entity that controls the investment
				management firm;
2. Any investment
				management professional associated with such investment management
				firm;
3. Any third-party solicitor
				associated with such investment management firm; or
4. Any political action committee controlled
				by the investment management firm, its parent company, or any other entity that
				controls the investment management firm, or by an investment management
				professional of such investment management firm or controlling
				entity.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 3 - PFRS BOARD'S POLICY CONCERNING POLITICAL CONTRIBUTIONS AND PROHIBITIONS ON INVESTMENT MANAGEMENT BUSINESS; COMMITMENT TO MINORITY- AND WOMEN-OWNED BUSINESS; COMMITMENT TO TRANSPARENCY WITH INVESTMENTS › Section 17:4A-3.3 - Solicitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any investment
				management firm, investment management professional, or third-party solicitor
				that is engaged, or seeking to be engaged, in providing investment management
				services to the Board shall not:
1. Solicit
				any person or political action committee to make a political contribution or
				payment to a political party;
2.
				Coordinate political contributions or payments to a political party;
3. Fund political contributions or payments
				to a political party made by third parties, including consultants, attorneys,
				family members, or persons controlling the investment management firm;
				or
4. Engage in any exchange of
				political contributions or payments between State officials or political
				parties to circumvent the intent of this section.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 3 - PFRS BOARD'S POLICY CONCERNING POLITICAL CONTRIBUTIONS AND PROHIBITIONS ON INVESTMENT MANAGEMENT BUSINESS; COMMITMENT TO MINORITY- AND WOMEN-OWNED BUSINESS; COMMITMENT TO TRANSPARENCY WITH INVESTMENTS › Section 17:4A-3.4 - Indirect violations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No
				investment management firm, investment management professional, or third-party
				solicitor shall, directly or indirectly, through, or by, any other person or
				any means whatsoever, do any act that would violate the provisions at
				N.J.A.C.
				17:4A-3.2 or 3.3.
(b) Indirect violations shall include, but
				are not limited to:
1. A family member or
				other person making political contributions or payments to a political party on
				the person or entity's behalf;
2. A
				person or entity making payments to a Federal party committee or other
				political committee or organization for the purpose of influencing State or
				local elections governed by this subchapter; and
3. A third-party solicitor making political
				contributions or payments to a political party in order to encourage the
				engagement of an investment management firm for which it is not directly
				soliciting business from the Board.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 3 - PFRS BOARD'S POLICY CONCERNING POLITICAL CONTRIBUTIONS AND PROHIBITIONS ON INVESTMENT MANAGEMENT BUSINESS; COMMITMENT TO MINORITY- AND WOMEN-OWNED BUSINESS; COMMITMENT TO TRANSPARENCY WITH INVESTMENTS › Section 17:4A-3.5 - Reporting

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Except as
				otherwise provided at (b) and (c) below, each investment management firm that
				is engaged to provide investment management services to the Board shall, prior
				to engagement and by the last day of the month following the end of each
				calendar quarter during the term of such engagement, send to the Board the
				following information:
1. A list of those
				persons who qualify as investment management professionals and any updates to
				this list;
2. For all political
				contributions and payments to political parties made by persons set forth at
				N.J.A.C.
				17:4A-3.2(a) or (b),
				excluding any political contribution or payment to a political party made
				pursuant to
				N.J.A.C.
				17:4A-3.2(c) and (d):
i. The name and address of the
				contributor;
ii. The name and title
				of each State official or political party receiving the political contribution
				or payment;
iii. The amount of the
				political contribution or payment to the political party; and
iv. The date of the political contribution or
				payment to the political party;
3. Whether any reported political
				contribution or payment to a political party is the subject of an exemption
				pursuant to
				N.J.A.C.
				17:4A-3.9 and the date of such exemption;
				and
4. For any payment made to a
				third-party solicitor, the name and business address of the recipient, the
				services provided by the recipient, the compensation arrangement between the
				investment management firm and the recipient, and the total dollar amount of
				payments made during the report period.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 3 - PFRS BOARD'S POLICY CONCERNING POLITICAL CONTRIBUTIONS AND PROHIBITIONS ON INVESTMENT MANAGEMENT BUSINESS; COMMITMENT TO MINORITY- AND WOMEN-OWNED BUSINESS; COMMITMENT TO TRANSPARENCY WITH INVESTMENTS › Section 17:4A-3.6 - Public disclosure

Current through Register Vol. 56, No. 14, July 15, 2024
The Board shall make available to the public a copy of each
				  report received from an investment management firm within 30 days of its
				  receipt or as otherwise required by law.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 3 - PFRS BOARD'S POLICY CONCERNING POLITICAL CONTRIBUTIONS AND PROHIBITIONS ON INVESTMENT MANAGEMENT BUSINESS; COMMITMENT TO MINORITY- AND WOMEN-OWNED BUSINESS; COMMITMENT TO TRANSPARENCY WITH INVESTMENTS › Section 17:4A-3.7 - Additional information

Current through Register Vol. 56, No. 14, July 15, 2024
The Board will accept additional information related to
				  political contributions, payments to political parties, and payments to
				  third-party solicitors voluntarily submitted by investment management firms or
				  others.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 3 - PFRS BOARD'S POLICY CONCERNING POLITICAL CONTRIBUTIONS AND PROHIBITIONS ON INVESTMENT MANAGEMENT BUSINESS; COMMITMENT TO MINORITY- AND WOMEN-OWNED BUSINESS; COMMITMENT TO TRANSPARENCY WITH INVESTMENTS › Section 17:4A-3.8 - Contract termination

Current through Register Vol. 56, No. 14, July 15, 2024
The Board shall provide in each contract with an investment
				  management firm that a violation of the provisions in this subchapter shall be
				  cause for immediate termination of such contract. In the case of a violation by
				  a general partner, investment manager, or similar entity of an investment
				  vehicle, the governing documents of the investment vehicle shall provide that
				  the PFRSNJ shall have the right to terminate its relationship with the
				  investment management firm.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 3 - PFRS BOARD'S POLICY CONCERNING POLITICAL CONTRIBUTIONS AND PROHIBITIONS ON INVESTMENT MANAGEMENT BUSINESS; COMMITMENT TO MINORITY- AND WOMEN-OWNED BUSINESS; COMMITMENT TO TRANSPARENCY WITH INVESTMENTS › Section 17:4A-3.9 - Exemptions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An investment
				management firm that would otherwise be prohibited from being engaged to
				provide investment management services to the Board pursuant to
				N.J.A.C.
				17:4A-3.2 shall be exempt from such
				prohibition, subject to (b) and (c) below, upon satisfaction of the following
				requirements:
1. The investment management
				firm demonstrates, in writing, to the Board that:
ii. Such political contribution or payment to
				a political party did not exceed $ 300.00; and
i. The firm discovered the political
				contribution or the payment to a political party that resulted in the
				prohibition on business within four months of the date of such contribution or
				payment;
iii. The contributor
				obtained a return of the political contribution or payment to the political
				party within 60 calendar days of the date of discovery of such contribution or
				payment; or
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 3 - PFRS BOARD'S POLICY CONCERNING POLITICAL CONTRIBUTIONS AND PROHIBITIONS ON INVESTMENT MANAGEMENT BUSINESS; COMMITMENT TO MINORITY- AND WOMEN-OWNED BUSINESS; COMMITMENT TO TRANSPARENCY WITH INVESTMENTS › Section 17:4A-3.10 - Restrictions on Board members

Current through Register Vol. 56, No. 14, July 15, 2024
It is prohibited for any Board member to receive any form of
				  compensation, gratuity, gift, donation, service, or payment in connection with
				  the hiring or retention, of any investment management firm by the Board during
				  the Board member's term and for a two-year period immediately following the
				  completion of such Board member's term. This subsection shall include any
				  compensation, gratuity, gift, donation, service, or payment to the Board
				  member, the Board member's immediate family, or any partner or associate of the
				  Board member. For the purposes of this subsection, "immediate family" shall
				  mean a person's spouse, child, parent, or sibling residing in the same
				  household, or a person's domestic partner as defined at
				  P.L.
				  2003, c. 246
				  (N.J.S.A.
				  26:8A-3).
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 3 - PFRS BOARD'S POLICY CONCERNING POLITICAL CONTRIBUTIONS AND PROHIBITIONS ON INVESTMENT MANAGEMENT BUSINESS; COMMITMENT TO MINORITY- AND WOMEN-OWNED BUSINESS; COMMITMENT TO TRANSPARENCY WITH INVESTMENTS › Section 17:4A-3.11 - Board commitment to working with minority- and women-owned business entities (MWBEs)

Current through Register Vol. 56, No. 14, July 15, 2024
The Board understands and acknowledges that in pursuing its
				  investment goals there are material financial benefits to the PFRSNJ and its
				  beneficiaries resulting from working with minority- and women-owned business
				  entities (MWBEs). The Board shall consider the hiring of MWBEs in determining
				  how to invest PFRSNJ-managed fund assets, taking into consideration its
				  fiduciary obligation and any other factors important to the Board. This
				  commitment, consistent with the legislative mandate at
				  N.J.S.A.
				  52:18A-89.15, requires the Board, subject to
				  and consistent with the Board's fiduciary duties and the applicable standard
				  for prudent investment, to attempt to use, to the greatest extent feasible,
				  qualified minority- and women-owned financial institutions to provide brokerage
				  and investment advisor services.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 3 - PFRS BOARD'S POLICY CONCERNING POLITICAL CONTRIBUTIONS AND PROHIBITIONS ON INVESTMENT MANAGEMENT BUSINESS; COMMITMENT TO MINORITY- AND WOMEN-OWNED BUSINESS; COMMITMENT TO TRANSPARENCY WITH INVESTMENTS › Section 17:4A-3.12 - Board commitment to transparency

Current through Register Vol. 56, No. 14, July 15, 2024
The Board considers public transparency of its investment
				  decisions to be an important public policy objective. The Board shall use its
				  authority and discretion to disclose information to the public, including
				  beneficiaries of the PFRSNJ, about investments of PFRSNJ-managed fund assets.
				  In considering the information to disclose, the Board shall take into
				  consideration its fiduciary obligation, as well as other factors, including,
				  without limitation, the disclosure policies adopted by other public pension
				  investment funds, the level of disclosure acceptable to fund sponsors and
				  managers, and the effect that the disclosure policy may have on sourcing
				  investment opportunities.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 3 - PFRS BOARD'S POLICY CONCERNING POLITICAL CONTRIBUTIONS AND PROHIBITIONS ON INVESTMENT MANAGEMENT BUSINESS; COMMITMENT TO MINORITY- AND WOMEN-OWNED BUSINESS; COMMITMENT TO TRANSPARENCY WITH INVESTMENTS › Section 17:4A-3.13

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 4 - SECURITIES LENDING TRANSACTIONS › Section 17:4A-4.1 - Permissible transactions

Current through Register Vol. 56, No. 14, July 15, 2024
(a)
				Subject to the limitations in this subchapter, the Board may enter into
				securities lending transactions on behalf of the PFRSNJ, provided that:
1. The portfolios eligible to have securities
				loaned by the PFRSNJ are designated by the Chief Investment Officer or the
				Investment Committee as eligible for securities lending;
2. The borrower is on a list of approved
				borrowers maintained by the Chief Investment Officer or the Investment
				Committee;
3. The transaction is
				evidenced by a written securities lending agreement executed by the borrower
				and the PFRSNJ;
4. The collateral
				delivered by the borrower is held in a segregated custodial account on behalf
				of the PFRSNJ;
5. The securities
				loaned by the PFRSNJ and the collateral delivered by the borrower shall be
				marked to market each business day. The borrower shall be required to deliver
				additional collateral in the event the market value of the collateral is less
				than the required percentage of the market value of the loaned securities, as
				required by the securities lending agreement; and
6. The securities lending agent, if
				applicable, shall establish and maintain such records as are reasonably
				necessary to account for the securities lending transactions and the income
				derived therefrom.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 4 - SECURITIES LENDING TRANSACTIONS › Section 17:4A-4.2 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Not more than
				15 percent of the market value of the total PFRSNJ fund assets shall be loaned
				to any one borrower.
(b) The credit
				quality of the required collateral shall be specified in an agreement with the
				securities lending agent, where applicable, and in each securities lending
				agreement.
(c) In no event shall
				the required collateral level be less than 100 percent of the market value of
				the loaned securities.
(d) If the
				limitations in this subchapter are not met, then the Board shall be notified at
				the next regularly scheduled meeting of the Board. The Board may grant a
				six-month grace period to bring the transactions into compliance, except that
				the grace period may be extended by one or more additional four-month periods
				with the approval of the Board, provided the Board determines such extension is
				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 5 - UNITED STATES TREASURY AND GOVERNMENT AGENCY OBLIGATIONS › Section 17:4A-5.1 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
Subject to the limitations in this subchapter, the Board may
				  invest and reinvest PFRSNJ-managed fund assets in United States Treasury
				  obligations and government agency obligations; and Treasury receipts,
				  certificates of accrual, collateralized mortgage obligations, or similar
				  securities that evidence ownership of interest and/or principal of United
				  States Treasury obligations and government agency obligations, provided that
				  the Chief Investment Officer or the Investment Committee certifies that the
				  security being considered for purchase is qualitatively substantially identical
				  to the United States Treasury obligations and government agency obligations
				  that secure or otherwise support it.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 6 - GLOBAL DEBT OBLIGATIONS › Section 17:4A-6.1 - 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 debt obligations provided that:
1. The obligor:
i. Is not in default as to the payment of
				principal or interest upon any of its outstanding obligations; and
ii. Has a market capitalization or
				contributed capital of at least $ 100 million. Subsequent to purchase, if the
				obligor defaults, the obligations do not have to be sold and, subsequent to
				purchase, if market capitalization or contributed capital falls below $ 100
				million, the investment does not have to be sold; and
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 6 - GLOBAL DEBT OBLIGATIONS › Section 17:4A-6.2 - 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 debt issues directly
				purchased or acquired pursuant to this subchapter of any one issuer shall not
				exceed 10 percent of the outstanding long-term debt of the issuer, 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
				shall not exceed five percent of the total PFRSNJ fund assets; and
3. Not more than seven percent of the total
				PFRSNJ fund assets shall be directly invested in debt issued through a private
				placement.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 7 - STATE, MUNICIPAL, AND PUBLIC AUTHORITY OBLIGATIONS › Section 17:4A-7.1 - 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 state, municipal general, and public authority
				obligations, provided that:
1. The obligor is
				not in default as to the payment of principal or interest upon any of its
				outstanding obligations; and
2. The
				obligations have 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. If a rating for the obligations has not been obtained from the above
				services, the obligations may be purchased, if the issuer rating meets the
				minimum rating criteria. Subsequent to purchase, if ratings fall below the
				minimum rating for such obligations, the obligations do not have to be sold,
				and they may be exchanged with obligations with a credit rating lower than the
				minimum rating if the obligations 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 7 - STATE, MUNICIPAL, AND PUBLIC AUTHORITY OBLIGATIONS › Section 17:4A-7.2 - 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 Board shall not directly purchase more
				than 10 percent of any one issue, serial note, or maturity; and
2. The total amount directly invested in the
				debt of any one obligor shall not exceed five percent of the total PFRSNJ fund
				assets. Calculation of this limitation shall exclude investments managed
				passively against a benchmark.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 8 - COLLATERALIZED NOTES AND MORTGAGES › Section 17:4A-8.1 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject
				to the limitations in this subchapter, the Board may invest or reinvest
				PFRSNJ-managed fund assets in collateralized notes and mortgages, provided
				that:
1. The obligor is not in default as to
				the payment of principal or interest upon any of its outstanding obligations.
				Subsequent to purchase, if the obligor defaults, the obligations do not have to
				be sold;
2. The collateral must be
				fully maintained and not under the direct control of the originator of the
				collateral underlying the obligation, but under the control of a trustee,
				special purpose vehicle, or other independent entity incorporated in the United
				States; and
3. The issue must be
				rated at least: Baa3 or higher by Moody's Investor 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 rating falls below the minimum rating for such issue, the
				issue does not have to be sold, and it may be exchanged with issues with credit
				ratings lower than the minimum rating if the issues 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 8 - COLLATERALIZED NOTES AND MORTGAGES › Section 17:4A-8.2 - 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. No amount in excess of 25 percent of any
				one issue may be purchased directly. For the purpose of this limitation, the
				issue size shall be considered as the principal amount issued pursuant to all
				classes of securities payable from the returns generated by the underlying
				collateral;
2. Not more than five
				percent of the total PFRSNJ fund assets shall be directly invested in the
				obligations of any one issue; and
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.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 9 - INTERNATIONAL GOVERNMENT AND AGENCY OBLIGATIONS › Section 17:4A-9.1 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject
				to the limitations in this subchapter, the Board may invest or reinvest the
				moneys of the PFRSNJ-managed fund assets in international government and agency
				obligations, provided that the obligations have a credit rating of at least:
				Baa3 or higher by Moody's Investor 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 obligations, the obligations do not have to
				be sold.
(b) Notwithstanding (a)
				above, the Board may invest and reinvest the PFRSNJ-managed fund assets in:
				global debt obligations, state, municipal, and public authority obligations,
				collateralized notes and mortgages, international government and agency
				obligations, non-convertible preferred stock, and mortgage-backed pass-through
				securities that do not meet the minimum credit ratings set forth in this
				section and at
				N.J.A.C.
				17:4A-6.1, 7.1, 8.1, 15.1, and 17.1,
				respectively; provided, however, the aggregate market value of such investments
				shall not exceed eight percent of the total PFRSNJ fund assets.
(c) Notwithstanding the restrictions set
				forth at (a) above, the Board may authorize the purchase of international
				government and agency obligations 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 9 - INTERNATIONAL GOVERNMENT AND AGENCY OBLIGATIONS › Section 17:4A-9.2 - 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 international
				government and agency debt issues directly purchased or acquired of any one
				issuer shall not exceed 25 percent of the outstanding debt of the issuer, and
				not more than 25 percent of any one issue may be purchased at the time of
				issue, except that these requirements may be waived by the Board; and
2. Not more than five percent of the total
				PFRSNJ fund assets shall be directly invested in international government and
				agency obligations.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 10 - GLOBAL DIVERSIFIED CREDIT INVESTMENTS › Section 17:4A-10.1 - 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 private credit investments in any of the
				following ways:
1. Invest in direct bank
				loans provided that the borrower:
i. Is not in
				default as to the payment of principal or interest upon any of its outstanding
				obligations; and
ii. Has
				shareholder's equity of at least $ 200 million. Subsequent to purchase, if the
				borrower defaults or the borrower's shareholder's equity falls below $ 200
				million, the investment does not have to be sold;
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 10 - GLOBAL DIVERSIFIED CREDIT INVESTMENTS › Section 17:4A-10.2 - 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(a)  for
				investments other than publicly traded securities, the following conditions
				shall be met:
1. Not more than 13 percent of
				the market value of the total PFRSNJ fund assets shall be invested in private
				credit investments, whether invested directly or through separate accounts,
				funds-of-funds, commingled funds, co-investments, and joint ventures that
				primarily invest in private credit investments;
2. The total amount of direct bank loans
				purchased or acquired under this subchapter shall not exceed 10 percent of the
				outstanding long-term debt of the borrower, except that these requirements may
				be waived by the Board;
3. The
				total amount directly invested by the PFRSNJ 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;
4. The total amount of a particular class of
				stock purchased or acquired of any one issuer 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 11 - COMMERCIAL PAPER › Section 17:4A-11.1 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject
				to the limitations in this subchapter, the Board may invest or reinvest the
				PFRSNJ-managed fund assets in commercial paper, provided that:
1. The issuer is not in default as to the
				payment of principal or interest upon any of its outstanding
				obligations;
2. All such securities
				are payable as to both principal and interest in United States
				dollars;
3. The maturity of the
				issue does not exceed 270 days; and
4. The obligation or the issuer (or any
				guarantor pledging its full faith and credit to the issue) has 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. Subsequent to
				purchase, if the aggregate credit rating of the obligation, issuer, or
				guarantor fails to meet the minimum rating criteria, the commercial paper does
				not have to be sold.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 11 - COMMERCIAL PAPER › Section 17:4A-11.2 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At the time of
				initial purchase, the following condition shall be met:
1. The total amount 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.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 12 - CERTIFICATES OF DEPOSIT › Section 17:4A-12.1 - 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
				PFRSNJ-managed fund assets in certificates of deposit, provided that:
1. The investment in the certificate of
				deposit is limited to a term of one year or less;
2. The certificate of deposit is in an amount
				of at least $ 1 million;
3. If
				headquartered in the United States or if a United States subsidiary or branch
				of a foreign bank, the issuer (or any parent bank or trust company, whose full
				faith and credit is pledged to the issue) is a member of the Federal Reserve
				System and the Federal Deposit Insurance Corporation; and
4. If headquartered outside of the United
				States, the issuer (or any parent bank or trust company, whose full faith and
				credit is pledged to the issue) is headquartered in a country that has agreed
				to adhere to the international capital standards as stipulated in the Basel
				Accord.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 12 - CERTIFICATES OF DEPOSIT › Section 17:4A-12.2 - 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 investment of total PFRSNJ fund
				assets in certificates of deposit of any one issuer shall not exceed 10 percent
				of the issuer's outstanding debt; and
2. The total amount of the PFRSNJ-managed
				fund assets 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.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 13 - REPURCHASE AGREEMENTS › Section 17:4A-13.1 - 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
				PRFSNJ-managed fund assets in repurchase agreements, provided that:
1. The seller is a bank or trust company or a
				wholly owned subsidiary of such bank or trust company that:
i. Is headquartered in the United States;
				and
ii. Is a member of the Federal
				Reserve System;
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 14 - MONEY MARKET FUNDS › Section 17:4A-14.1 - 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
				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.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES › Subchapter 14 - MONEY MARKET FUNDS › Section 17:4A-14.2 - 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 investments in money
				market funds by PFRSNJ-managed fund assets, excluding operational cash and
				transient cash, shall not exceed 10 percent of the market value of the total
				PFRSNJ fund assets; and
2. The
				total amount of shares or units purchased or acquired of any one money market
				fund shall not exceed five percent of the shares or units
				outstanding.