reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 48 - GLOBAL EQUITY INVESTMENTS (PENSION AND ANNUITY FUNDS) › Section 17:16-48.4 - 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 eligible funds under this subchapter shall not exceed 70 percent of the
				total market value of the combined assets of all of the Pension and Annuity
				Funds. The Council shall be notified at the next regularly scheduled meeting of
				the Council when the combined market value of the equity investments held by
				the eligible funds reaches or exceeds 68 percent of the total market value of
				the combined assets of all of the Pension and Annuity Funds. Subsection (b)
				below shall apply when the combined market value of the equity investments held
				by the eligible funds exceeds 70 percent of the total market value of the
				combined assets of all of the Pension and Annuity Funds;
2. The total amount directly invested in the
				equity and fixed income obligations of any one issuer and affiliated entities
				by the Pension and Annuity Funds and the Common Pension Funds, in the
				aggregate, shall not exceed five percent of the combined assets of all the
				Pension and Annuity Funds;
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; provided, however, that the total amount of shares owned pursuant
				to this section and N.J.A.C. 17:16-42, in the aggregate, of a swap dealer or
				major swap participant as defined in the Commodity Futures Trading Commission
				rules and that are eligible to vote, 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 directly
				invested in equity investments issued through a private placement by the
				Pension and Annuity Funds and the Common Pension Funds, in the aggregate, shall
				not exceed two percent of the combined assets of all the Pension and Annuity
				Funds.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 58 - MORTGAGE-BACKED SENIOR DEBT SECURITIES; MORTGAGE-BACKED PASSTHROUGH SECURITIES › Section 17:16-58.1 - 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:
"Mortgage-backed senior debt securities" mean senior debt
				  securities that are fully collateralized by mortgage securities.
"Mortgage-backed passthrough securities" mean passthrough
				  securities that are fully collateralized by residential or commercial mortgage
				  securities and are issued by a sponsor deemed by the Director to be based in
				  the United States. In determining whether a sponsor is based in the United
				  States, the Director shall consider factors including, but not limited to, the
				  sponsor's country of incorporation, its main equity trading market, its
				  shareholder base, the geographical distribution of its operations, the location
				  of its headquarters, and the country in which investors consider the sponsor to
				  be most appropriately classified.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 58 - MORTGAGE-BACKED SENIOR DEBT SECURITIES; MORTGAGE-BACKED PASSTHROUGH SECURITIES › Section 17:16-58.2 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject to the
				limitations contained in this subchapter, the Director may invest and reinvest
				the moneys of any eligible fund in mortgage-backed senior debt securities
				provided that the issue must be $ 50,000,000 or more in size.
(b) Subject to the limitations contained in
				this subchapter, the Director may invest and reinvest the moneys of any
				eligible fund in mortgage-backed passthrough securities provided that:
1. The issue has been registered with the
				Securities and Exchange Commission, except that this requirement may be waived
				by the Council;
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 A3 or
				higher by Moody's Investors Service, Inc., A- or higher by Standard &
				Poor's Corporation, and A- 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 it 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 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 58 - MORTGAGE-BACKED SENIOR DEBT SECURITIES; MORTGAGE-BACKED PASSTHROUGH SECURITIES › Section 17:16-58.3 - Eligible funds

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For purposes of
				17:16-58.2(a),
				eligible funds shall include:
1. Any fund
				classified as a Pension and Annuity Fund;
2. Any fund classified as a Demand
				Fund;
3. Any fund classified as a
				Temporary Reserve Fund;
4. Any fund
				classified as a Trust Fund;
5. Any
				fund classified as a Cash Management Fund; and
6. Any fund classified as a Common Pension
				Fund and permitted to invest in mortgage-backed senior debt
				securities.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 58 - MORTGAGE-BACKED SENIOR DEBT SECURITIES; MORTGAGE-BACKED PASSTHROUGH SECURITIES › Section 17:16-58.4 - 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 Council;
2. Not more than five percent of the market
				value of the assets of any eligible fund (other than the Pension and Annuity
				Funds and Common Pension Funds) shall be directly invested in any one issue;
				and
3. Not more than 10 percent of
				the combined assets of all of the Pension and Annuity Funds shall be directly
				invested in mortgage-backed senior debt securities and mortgage-backed
				passthrough securities.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 61 - STATE OF NEW JERSEY CASH MANAGEMENT FUND › Section 17:16-61.1 - General provisions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Pursuant to chapter 270, P.L. 1970, as
				amended and supplemented by chapter 281, P.L. 1977, there is hereby created in
				the Division a common trust fund, to be known as the State of New Jersey Cash
				Management Fund.
(b) The surplus
				public moneys of the State, its counties, municipalities, and school districts
				and the agencies or authorities created by any of these entities may be
				deposited in the State of New Jersey Cash Management Fund.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 61 - STATE OF NEW JERSEY CASH MANAGEMENT FUND › Section 17:16-61.2 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
The Director may invest the assets of the State of New
				  Jersey Cash Management Fund in fixed-income and debt securities permitted under
				  this chapter.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 61 - STATE OF NEW JERSEY CASH MANAGEMENT FUND › Section 17:16-61.3 - Units of participation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The State of
				New Jersey Cash Management Fund shall be composed of units of participation of
				unlimited quantity. Each unit of participation shall represent an equal
				beneficial interest in the fund and no unit shall have priority or preference
				over any other. Each unit of participation shall be valued at the net asset
				value per unit as is set forth in
				17:16-61.5.
(b) All units of participation in the State
				of New Jersey Cash Management Fund held by State funds, representing net
				capital contributions to the fund together with any income thereon, shall be
				evidenced by proper entries setting forth ownership units in the records of the
				Bureau of Accounting, Division of Budget and Accounting within the Office of
				Management and Budget, Department of the Treasury. Aggregate participation of
				other entities shall also be evidenced by proper entries in the records of the
				Bureau of Accounting, Division of Budget and Accounting within the Office of
				Management and Budget, and their individual participation shall be evidenced by
				proper entries in the records of the Division and of the custodian
				bank.
(c) All units of
				participation shall be purchased by cash payments. All units shall be purchased
				by the participating fund for the unit valuation price determined by this
				subchapter.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 61 - STATE OF NEW JERSEY CASH MANAGEMENT FUND › Section 17:16-61.4 - Valuation of investments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Upon each
				valuation date, as provided in (b) below, there shall be a valuation for every
				investment in the State of New Jersey Cash Management Fund.
(b) The valuation of investments shall be
				determined at the opening of business on each business day, and shall be based
				on the assets as of the close of the previous business day.
(c) The valuation of investments shall be
				made in accordance with applicable accounting standards, using recognized
				industry pricing sources.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 61 - STATE OF NEW JERSEY CASH MANAGEMENT FUND › Section 17:16-61.6 - Admission and withdrawal

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Admission to or
				withdrawal from the fund shall be permitted on any business day. Admissions
				prior to such time as may be established by the Director from time to time will
				receive credit for net income available for distribution for such day if such
				admissions remain in the fund through the close of such day. Withdrawals from
				the fund will receive credit for net income available for distribution only as
				of the close of the day next preceding such withdrawal.
(b) All admissions and withdrawals will be
				made in cash.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 61 - STATE OF NEW JERSEY CASH MANAGEMENT FUND › Section 17:16-61.7 - Amendments

Current through Register Vol. 56, No. 14, July 15, 2024
This subchapter may be amended from time to time by the
				  Council. Any amendment adopted by the Council shall be binding upon all
				  participating funds, trusts and beneficiaries thereof.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 61 - STATE OF NEW JERSEY CASH MANAGEMENT FUND › Section 17:16-61.9 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
All investments held by the fund shall mature or are to be
				  redeemed within one year, except that up to 25 percent of the fund may be
				  invested in eligible securities which mature within 25 months; provided,
				  however, that the average maturity of all investments held by the fund shall
				  not exceed one year.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 61 - STATE OF NEW JERSEY CASH MANAGEMENT FUND › Section 17:16-61.10 - Liquidation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Director,
				subject to the approval of the Council and the Treasurer, may, upon two months'
				notice liquidate the State of New Jersey Cash Management Fund, including the
				reserve fund.
(b) In the event of
				such liquidation, the owners of the units shall share proportionately,
				according to units owned, in each investment held by the State of New Jersey
				Cash Management Fund, and the Other-than-State funds, shall share
				proportionately in the reserve fund.
(c) When such proportionate distribution is
				impracticable in the judgment of the Director, he or she may instead distribute
				on liquidation, cash or temporary investments held by the State of New Jersey
				Cash Management Fund.
(d)
				Distribution upon liquidation shall occur within five days after a valuation
				date and shall be based upon the unit value determined upon such valuation
				date.
(e) No liquidation will be
				effected without the approval by the Council of a plan of distribution of the
				assets of the State of New Jersey Cash Management Fund, including the assets of
				the reserve fund.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 65 - DEFERRED COMPENSATION PLAN › Section 17:16-65.1 - General provisions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Pursuant to
				52:18A-163 et seq., there are
				hereby created in the Division four common funds to be known as the New Jersey
				State Employees Deferred Compensation Equity Fund, the New Jersey State
				Employees Deferred Compensation Small Capitalization Equity Fund, the New
				Jersey State Employees Deferred Compensation Fixed Income Fund and the New
				Jersey State Employees Deferred Compensation Cash Management Fund
				(collectively, the Common Funds).
(b) At the election of participants in the
				New Jersey State Employees Deferred Compensation Plan (the DCP), moneys from
				salary deductions shall be deposited in the Common Funds or in approved
				investment options offered and managed by outside vendors (collectively, the
				Outside Funds) pursuant to the procedures described in this subchapter.
				Collectively, the Common Funds and the Outside Funds shall be referred to as
				the DCP Funds.
(c) The
				participation of State employees in the DCP is subject to the rules of the DCP
				as established by the New Jersey State Employees Deferred Compensation
				Board.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 65 - DEFERRED COMPENSATION PLAN › Section 17:16-65.2 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Director
				and/or any persons, entities or organizations engaged by the New Jersey State
				Employees Deferred Compensation Board (DCP Board) to invest plan assets
				(collectively, the Portfolio Manager) shall invest the assets of the New Jersey
				State Employees Deferred Compensation Plan (DCP) in investment options which
				are legal investments for fiduciaries of trust estates in New Jersey which are
				permitted under
				52:18A-163 et seq., subject to the
				applicable provisions of the regulations of the Council, and selected pursuant
				to the procedures described in this subchapter, which investment options may
				include the Common Funds and shall include the Outside Funds.
(b) Moneys in the Common Funds shall be
				invested as follows:
1. The New Jersey State
				Employees Deferred Compensation Fixed Income Fund will be invested in fixed
				income securities having a maturity of one year or more.
2. The New Jersey State Employees Deferred
				Compensation Equity Fund and the New Jersey State Employees Deferred
				Compensation Small Capitalization Equity Fund will be invested in such equity
				investments as are permitted under N.J.A.C. 17:16-42; provided that, in the
				case of the New Jersey State Employees Deferred Compensation Small
				Capitalization Equity Fund, investments will be made in such equity investments
				permissible for investment under N.J.A.C. 17:16-42 and which are designated as
				small capitalization stocks by the Division.
3. The New Jersey State Employees Deferred
				Compensation Cash Management Fund shall be invested in the State of New Jersey
				Cash Management Fund or in fixed income securities maturing in less than one
				year as permitted by the rules of the Council.
4. The New Jersey State Employees Deferred
				Compensation Fixed Income Fund, the New Jersey State Employees Deferred
				Compensation Equity Fund and the New Jersey State Employees Deferred
				Compensation Small Capitalization Equity Fund may hold up to 25 percent of
				their assets either in short-term fixed income securities, as permitted by the
				rules and regulations of the Council, or in the State of New Jersey Cash
				Management Fund.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 65 - DEFERRED COMPENSATION PLAN › Section 17:16-65.3 - Units of participation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) DCP Funds shall
				be composed of units of participation of unlimited quantity. Each unit of
				participation shall represent an equal beneficial interest in each respective
				DCP Fund and no unit shall have priority or preference over any other in each
				respective DCP Fund. Each unit of participation shall be valued at the net
				asset value per unit in accordance with
				17:16-65.5.
(b) All units of participation in the New
				Jersey State Employees Deferred Compensation Plan (DCP), representing net
				capital contributions to the DCP Funds together with any income thereon, shall
				be evidenced by proper entries setting forth ownership units in the records of
				the persons, entities, or organizations engaged by the New Jersey State
				Employees Deferred Compensation Board to administer the plan, which may include
				the Division of Pensions and Benefits, Department of the Treasury, and/or one
				or more private organizations contracting with the Division pursuant to
				52:18A-167 (collectively, the Plan
				Administrator).
(c) All units of
				participation shall be purchased by cash payments. All units shall be purchased
				for the unit valuation price determined by this subchapter.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 65 - DEFERRED COMPENSATION PLAN › Section 17:16-65.4 - Valuation of investments and net assets

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Upon each
				valuation date, as provided in (b) below, there shall be a valuation for every
				investment in and the net assets of the DCP Funds in the method provided for in
				this section.
(b) For the Common
				Funds, the valuation of investments and net assets shall be determined after
				the close of business on the last business day of each month (or on each day
				that the primary securities exchanges in the United States are open for
				business, if so determined by the Director), and shall be based on values as of
				the close of business on such day. For the Outside Funds, the valuation of
				investments and net assets shall be determined after the close of business on
				each day that the primary securities exchanges in the United States are open
				for business, and shall be based on values as of the close of business on such
				day.
(c) The following method shall
				be utilized for the valuation of investments and net assets:
1. The valuation of investments shall be made
				in accordance with applicable accounting standards, using recognized industry
				pricing sources. In the case of stable value funds, the total value of the
				fund's investments shall equal the aggregate amount of principal deposited in
				the fund, plus the amount of interest provided in any synthetic guaranteed
				investment contract.
2. The
				valuation of net assets shall be calculated as total assets minus total
				liabilities, in accordance with applicable accounting standards.
3. The method of pricing each DCP Fund will
				be in accordance with contractual obligations of the custodian bank or Plan
				Administrator, subject to the approval of the Director.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 65 - DEFERRED COMPENSATION PLAN › Section 17:16-65.5 - Valuation of units

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The net asset
				value per unit of participation in each DCP Fund on the valuation date set
				forth in 17:16-65.4(b) 
				shall be determined by dividing the net assets of the fund by the total
				outstanding units of participation in the fund.
(b) The method of calculation of units of
				participation will be in accordance with an agreement between the State of New
				Jersey and the Plan Administrator.
(c) The aggregate income per participating
				unit on total units attributed to each participant for the DCP Funds will be
				reinvested automatically. If applicable, new units will be credited to the
				respective accounts of all of the participants in proportion to their holdings
				of participating units immediately prior to the determination of the net income
				available for distribution. In the reinvestment of aggregate income as
				described above, fractional units may be issued representing fractions of one
				dollar.
(d) In the event of errors
				or omissions in the calculation of unit values or participants' accounts the
				Plan Administrator shall correct such errors or omissions in accordance with
				any applicable contract with the State.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 65 - DEFERRED COMPENSATION PLAN › Section 17:16-65.6 - Admission and withdrawal

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Admission to or
				withdrawal from the Common Funds shall be permitted as of the first business
				day of each month (or as of the end of each business day, if so determined by
				the Director), subject to the procedures of the Plan Administrator. Admissions
				to or withdrawals from the Outside Funds shall be permitted as of the end of
				each business day, subject to the procedures of the Plan
				Administrator.
(b) All admissions
				and withdrawals will be made in cash.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 65 - DEFERRED COMPENSATION PLAN › Section 17:16-65.7 - Amendments

Current through Register Vol. 56, No. 14, July 15, 2024
This subchapter may be amended from time to time by the
				  Council. Any amendment adopted by the Council shall be binding upon all
				  participants and beneficiaries thereof, the Plan Administrator and the
				  Portfolio Manager.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 65 - DEFERRED COMPENSATION PLAN › Section 17:16-65.9 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) With respect to
				the New Jersey State Employees Deferred Compensation Equity Fund, not more than
				10 percent of the market value of the Fund shall be invested in the common
				stocks and securities convertible into common stock of any one
				corporation.
(b) With respect to
				the New Jersey State Employees Deferred Compensation Fixed Income Fund, not
				more than 10 percent of the market value of the assets of the fund shall be
				invested in the debt of any one corporation, and not more than 25 percent of
				any one issue may be purchased at the time of issue.
(c) With respect to the New Jersey State
				Employees Deferred Compensation Small Capitalization Equity Fund, not more than
				10 percent of the market value of the Fund shall be invested in the common
				stocks and securities convertible into common stock of any one
				corporation.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 68 - NEW JERSEY BETTER EDUCATIONAL SAVINGS TRUST (NJBEST) FUND › Section 17:16-68.1 - General provisions

Current through Register Vol. 56, No. 14, July 15, 2024
Pursuant to
				  52:18A-91, there is hereby created
				  in the Division a common trust fund to be known as the New Jersey Better
				  Educational Savings Trust (NJBEST) Fund. The participation of New Jersey
				  residents shall be subject to the NJBEST Plan as established by the New Jersey
				  Higher Education Assistance Authority Board.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 68 - NEW JERSEY BETTER EDUCATIONAL SAVINGS TRUST (NJBEST) FUND › Section 17:16-68.2 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
The Director may invest the assets of the NJBEST Fund in
				  fixed income securities and equity investments permitted under this chapter,
				  and in the State of New Jersey Cash Management Fund.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 68 - NEW JERSEY BETTER EDUCATIONAL SAVINGS TRUST (NJBEST) FUND › Section 17:16-68.3 - Units of participation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The NJBEST Fund
				shall be composed of units of participation of unlimited quantity. Each unit of
				participation shall represent an equal beneficial interest in the Fund and no
				unit shall have priority or preference over any other. Each unit of
				participation shall be valued at the net asset value per unit as provided in
				17:16-68.5.
(b) All units of participation in the NJBEST
				Fund, representing net capital contributions to the Fund together with any
				income thereon, shall be evidenced by proper entries setting forth ownership
				units in the records of the Office of Student Assistance, New Jersey Higher
				Education Assistance Authority, or an agent thereof.
(c) All units of participation shall be
				purchased by cash payments. All units shall be purchased by the participants
				for the unit valuation price determined by this subchapter.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 68 - NEW JERSEY BETTER EDUCATIONAL SAVINGS TRUST (NJBEST) FUND › Section 17:16-68.4 - Valuation of investments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Upon each
				valuation date, as provided in (b) below, there shall be a valuation for every
				investment in the NJBEST Fund in the method provided for in this
				section.
(b) The valuation shall be
				determined at the opening of business on each business day, and shall be based
				on the assets as of the close of the previous business day.
(c) The valuation of investments shall be
				made in accordance with applicable accounting standards, using recognized
				industry pricing sources.
(d) In
				the event of errors or omissions in the valuation of investments, the custodian
				bank shall correct such errors or omissions as is set forth in the custody
				agreement.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 68 - NEW JERSEY BETTER EDUCATIONAL SAVINGS TRUST (NJBEST) FUND › Section 17:16-68.5 - Valuation of units

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The net asset
				value per unit of participation of the fund shall be calculated as the net
				assets of the fund divided by the total outstanding units of participation in
				the fund. The valuation of net assets shall be calculated as total assets minus
				total liabilities, in accordance with applicable accounting
				standards.
(b) The method of
				calculation of units of participation will be in accordance with an agreement
				between the State of New Jersey and the Plan Administrator.
(c) The aggregate income per unit of
				participation on total units attributed to each participant shall be reinvested
				automatically in additional units of participation. New units shall be credited
				to the respective accounts of all of the participants in proportion to their
				holdings of participating units immediately prior to the determination of the
				net income available for distribution. In the reinvestment of aggregate income
				as described above, fractional units may be issued representing fractions of
				one dollar.
(d) In the event of
				errors or omissions in the calculation of unit values or participants'
				accounts, the Plan Administrator shall correct such errors or omissions in
				accordance with its agreement with the State of New Jersey.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 68 - NEW JERSEY BETTER EDUCATIONAL SAVINGS TRUST (NJBEST) FUND › Section 17:16-68.6 - Admission and withdrawal

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Admission to or
				withdrawal from the NJBEST Fund shall be permitted as of the end of each
				business day, subject to the requirements of N.J.A.C. 9A:10-7.
(b) All admissions and withdrawals will be
				made in cash.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 68 - NEW JERSEY BETTER EDUCATIONAL SAVINGS TRUST (NJBEST) FUND › Section 17:16-68.7 - Amendments

Current through Register Vol. 56, No. 14, July 15, 2024
This subchapter may be amended from time to time by the
				  Council. Any amendment adopted by the Council shall be binding upon all
				  participating funds, trusts and beneficiaries thereof.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 68 - NEW JERSEY BETTER EDUCATIONAL SAVINGS TRUST (NJBEST) FUND › Section 17:16-68.9 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Director
				may not invest more than 80 percent of the market value of the assets of the
				NJBEST Fund in equity investments as are permitted under N.J.A.C.
				17:16-42.
(b) The Director may
				invest up to 100 percent of the market value of the assets of the NJBEST Fund
				either in permitted fixed income securities or in the State of New Jersey Cash
				Management Fund.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 68 - NEW JERSEY BETTER EDUCATIONAL SAVINGS TRUST (NJBEST) FUND › Section 17:16-68.10 - Liquidation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Director,
				upon direction of the New Jersey Higher Education Assistance Authority Board
				and with the approval of the Council, shall liquidate the NJBEST
				Fund.
(b) In the event of such
				liquidation, the owners of the units shall share proportionately, according to
				units owned, in each investment held by the NJBEST Fund.
(c) When such proportionate distribution is
				impracticable in the judgment of the Director, he or she may instead distribute
				on liquidation, cash or temporary investments held by the NJBEST
				Fund.
(d) Distribution upon
				liquidation shall occur within five days after a valuation date and shall be
				based upon the net asset value per unit determined upon such valuation
				date.
(e) No liquidation will be
				effectuated without the approval by the Council of a plan of distribution of
				the assets of the NJBEST fund.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 69 - COMMON PENSION FUNDS › Section 17:16-69.1 - General provisions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Pursuant to P.L. 1970, c. 270, the
				Council established the following common trust funds:
1. Common Pension Fund A, effective February
				1, 1971 (3 N.J.R. 52(b));
2. Common
				Pension Fund B, effective March 8, 1972 (4 N.J.R. 79(c));
3. Common Pension Fund D, effective January
				2, 1990 (22 N.J.R. 60(b)); and
4.
				Common Pension Fund E, effective June 20, 2005 (37 N.J.R. 2217(a)).
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 69 - COMMON PENSION FUNDS › Section 17:16-69.2 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
The Director may invest the assets of any Common Pension
				  Fund in such of the asset classes permitted under this chapter as have been
				  designated by the Director and approved by the Council for such Common Pension
				  Fund.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 69 - COMMON PENSION FUNDS › Section 17:16-69.3 - Units of participation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each Common
				Pension Fund shall be composed of units of participation of unlimited quantity.
				Each unit of participation shall represent an equal beneficial interest in the
				fund and no unit shall have priority or preference over any other. Each unit of
				participation shall be valued at the net asset value per unit as provided in
				17:16-69.5.
(b) All units of participation in each Common
				Pension Fund, representing net capital contributions to the fund together with
				any income thereon, shall be evidenced by records maintained by the
				Division.
(c) All units of
				participation shall be purchased by cash payments or in kind. All units shall
				be purchased by the participating fund for the unit valuation price determined
				by this subchapter.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 69 - COMMON PENSION FUNDS › Section 17:16-69.4 - Valuation of investments and net assets

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Upon each
				valuation date, as provided in (b) below, there shall be a valuation for every
				investment in each Common Pension Fund and the net assets of each Common
				Pension Fund in the method provided for in this section.
(b) The valuation of investments and net
				assets shall be determined at the opening of each business day and shall be
				based on assets and liabilities as of the close of the previous business day;
				provided, however, that the valuation of investments that are not publicly
				traded shall be determined at the discretion of the Director but no less
				frequently than once per quarter. The valuation, in every case, shall be
				converted into United States dollars.
(c) The Director shall use the following
				method of valuation of investments and net assets:
1. The valuation of an investment established
				by an outside entity, including the general partner or manager of an
				investment, may be used; provided that such entity provides supporting
				information to the Director, and the valuation is reviewed and approved by the
				Director. The valuation of investments shall be made in accordance with
				applicable accounting standards.
2.
				Subsequent to the date of the last available investment valuation, and until
				the next valuation is received from the outside entity, all subsequent cash
				contributions and distributions will be recorded as of the date of the
				transaction as an adjustment to the valuation.
3. The valuation of publicly traded
				securities shall be made in accordance with applicable accounting standards,
				using recognized industry pricing sources.
4. The valuation of net assets shall be
				calculated as total assets minus total liabilities, in accordance with
				applicable accounting standards.
5.
				All valuations determined under this section shall be converted on the
				valuation date into United States dollars at rates established by a recognized
				pricing service.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 69 - COMMON PENSION FUNDS › Section 17:16-69.5 - Valuation of units

Current through Register Vol. 56, No. 14, July 15, 2024
The net asset value per unit of each Common Pension Fund
				  shall be calculated as the net assets of the fund divided by the total number
				  of units outstanding as of such valuation date.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 69 - COMMON PENSION FUNDS › Section 17:16-69.6 - Admission and withdrawal

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No admission to
				or withdrawal from each Common Pension Fund shall be permitted except on a
				valuation date and shall be based upon the value of each unit as of that
				valuation date.
(b) All admissions
				or withdrawals shall be made in cash or in kind.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 69 - COMMON PENSION FUNDS › Section 17:16-69.7 - Amendments

Current through Register Vol. 56, No. 14, July 15, 2024
This subchapter may be amended from time to time by the
				  Council. Any amendment adopted by the Council shall be binding upon all
				  participating funds, trusts and beneficiaries thereof.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 69 - COMMON PENSION FUNDS › Section 17:16-69.8 - Distribution of realized gains

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subsequent to
				the receipt of audited financial statements for the prior fiscal year, the
				Council may consider the realized gains in each Common Pension Fund per unit.
				The Council may, in its sole discretion, choose either of the following options
				with respect to each such Common Pension Fund:
1. Declare as income to the participating
				funds such percentage of said realized gains as it may deem prudent. When such
				declaration is made, the percentage of such gains declared to be income shall
				be deducted from the total net assets of each Common Pension Fund and
				distributed to the participating funds in proportion to the number of units
				owned; or
2. Retain any or all
				realized gains for future investments within each Common Pension
				Fund.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 69 - COMMON PENSION FUNDS › Section 17:16-69.9 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For all investments made by or on behalf
				of any Common Pension Fund through direct investments, separate accounts,
				funds-of-funds, commingled funds, co-investments, or joint ventures under
				N.J.A.C.
				17:16-23.2(a)2, 71.2(a)1,
				90.2(a)1, and 100.2(a)1, the following shall occur:
1. The Director shall provide the Investment
				Policy Committee of the Council (Investment Committee) with the requested due
				diligence information for all investments recommended by the Division and a
				formal written report for each such investment. Due diligence information shall
				include but not be limited to, in all cases, information demonstrating that the
				investment satisfies the limitations and conditions contained in N.J.A.C.
				17:16-23, 71, 90, and 100, and a written disclosure submitted by the asset
				manager summarizing any and all compensation arrangements with consultants and
				intermediaries, whether direct or indirect, in connection with the proposed
				investment.
2. The Director shall
				provide an informational memorandum to the Council on each binding commitment,
				which memorandum shall be provided at the first regularly scheduled meeting of
				the Council subsequent to the date such binding commitment has been
				made.
3. On investments of less
				than $ 50 million, the Director shall provide an informational memorandum to
				the Council on each such investment made, which memorandum shall be provided no
				later than the first regularly scheduled meeting of the Council after the date
				such binding commitment has been made.
4. In any given calendar year, and at any
				point within such year, at least 80 percent of the number of investments and 80
				percent of the dollar amount of total investment commitments must be eligible
				for a report by the Investment Committee to the Council. For investments under
				$ 50 million, so long as such investments constitute no more than 20 percent of
				the number of investments approved and 20 percent of the total investment
				dollars committed, the Director shall provide an informational memorandum to
				the Council pursuant to (a)3 above. Once the Division has exceeded its 20
				percent "exemption" in any given year, all proposed investments will be subject
				to the Investment Committee providing a report to the Council until the number
				and dollar value of "exempt" investment again falls below the 20 percent
				threshold.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 69 - COMMON PENSION FUNDS › Section 17:16-69.10 - Liquidation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Director,
				subject to the approval of the Council and the Treasurer, may, upon two months'
				notice, liquidate a Common Pension Fund.
(b) In the event of such liquidation, the
				owners of the units shall share proportionately, according to units owned, in
				each investment held by the common fund.
(c) When such proportionate distribution is
				impracticable in the judgment of the Director, he or she may instead distribute
				on liquidation, cash or temporary investments held by the common
				fund.
(d) Distribution upon
				liquidation shall occur within five days after a valuation date and shall be
				based upon the net asset value per unit determined upon such valuation
				date.
(e) No liquidation will be
				effectuated without the approval by the Council of a plan of distribution of
				the assets of the common fund.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 71 - REAL ASSETS › Section 17:16-71.2 - Permissible investments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject to the
				limitations contained in this subchapter, the Director may invest and reinvest
				the moneys of any eligible fund 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 subject to the further provisos contained in
				17:16-69.9;
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 invest 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 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 71 - REAL ASSETS › Section 17:16-71.3 - Eligible funds

Current through Register Vol. 56, No. 14, July 15, 2024
For purposes of this subchapter, eligible funds shall
				  include any fund classified as a Common Pension Fund and permitted to invest in
				  real assets.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 71 - REAL ASSETS › Section 17:16-71.4 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following conditions shall be met at
				the time of purchase, in the case of investments in publicly traded securities,
				and at the time of presentation to the Investment Policy Committee in
				accordance with
				N.J.A.C.
				17:16-69.9(a)1, in the case
				of real asset investments made pursuant to
				N.J.A.C.
				17:16-71.2(a)1:
1. The Pension and Annuity Funds'
				proportionate interest in the aggregate market value of the investment in real
				estate under this subchapter shall not exceed 13 percent of the combined assets
				of all of the Pension and Annuity Funds;
2. Not more than five percent of the assets
				of any eligible fund (other than a Pension and Annuity Fund or Common Pension
				Fund) shall be directly invested in the debt of any one obligor;
3. The total amount directly invested in the
				debt of any one obligor by the Pension and Annuity Funds and Common Pension
				Funds, in the aggregate, shall not exceed two percent of the combined assets of
				all the Pension and Annuity Funds;
4. In accordance with
				N.J.S.A. 18A:56-8,
				investments for the Trustees for the Support of Public Schools shall not be
				made in the obligations of any municipality, the total indebtedness of which,
				including the school debt, exceeds 30 percent of the assessed valuation of all
				the real and personal property therein; in ascertaining the total indebtedness,
				credit shall be allowed only for such moneys or property as shall be in the
				sinking funds; and
5. In
				accordance with
				N.J.S.A. 18A:56-8,
				investments for the Trustees for the Support of Public Schools shall not be
				made in the obligations of any county, the total indebtedness of which exceeds
				in the aggregate 15 percent of the total assessable valuation of all taxable
				property therein.