reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 12 - GLOBAL DEBT OBLIGATIONS › Section 17:16-12.4 - 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 total amount of debt issues directly
				purchased or acquired for each eligible fund under 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 Council;
2. Not more than five percent of the market
				value of the assets of the State of New Jersey Cash Management Fund shall be
				directly invested in the fixed income obligations of any one issuer and
				affiliated entities;
3. Not more
				than 10 percent of the market value of the assets of the New Jersey State
				Employees Deferred Compensation Fixed Income Fund or the New Jersey Better
				Educational Savings Trust shall be directly invested in the equity and fixed
				income obligations of any one issuer and affiliated entities;
4. 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;
5. Not
				more than five percent of the market value of the assets of any eligible fund
				(other than a Pension and Annuity Fund or Common Pension Fund) shall be
				directly invested in debt issued through a private placement; and
6. The total amount directly invested in debt
				issued through a private placement by the Pension and Annuity Funds and the
				Common Pension Funds, in the aggregate, shall not exceed seven 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 12 - GLOBAL DEBT OBLIGATIONS › Section 17:16-12.5 - Reports to Council

Current through Register Vol. 56, No. 14, July 15, 2024
The Director shall report all purchases of corporate
				  obligations under this subchapter at the next regularly scheduled meeting of
				  the Council.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 17 - STATE, MUNICIPAL, AND PUBLIC AUTHORITY OBLIGATIONS › Section 17:16-17.1 - 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:
"Public authority" means any state or any political
				  subdivision thereof, any authority, department, district, or commission, or any
				  agency or instrumentality of any of the foregoing, or any agency or
				  instrumentality of the Federal government, or a commission or other public body
				  created by an Act of Congress or pursuant to a compact between any two or more
				  states.
"Public authority revenue obligations" means any bonds or
				  other interest-bearing obligations of a public authority, the principal and
				  interest of which are by their terms payable from a specified revenue
				  source.
"State and municipal general obligations" shall mean debt
				  obligations of any state or any municipal or political subdivision thereof that
				  are backed by the full faith and credit of the obligor.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 17 - STATE, MUNICIPAL, AND PUBLIC AUTHORITY OBLIGATIONS › Section 17:16-17.2 - 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
				moneys of any eligible fund in state and municipal general obligations and
				public authority revenue obligations, except that moneys of the Trustees for
				the Support of Public Schools shall only be invested and reinvested in
				obligations issued by the State of New Jersey or its counties, municipalities,
				and school districts as required by
				18A:56-8, 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 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 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, they 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 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 17 - STATE, MUNICIPAL, AND PUBLIC AUTHORITY OBLIGATIONS › Section 17:16-17.3 - Eligible funds

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For purposes of
				this subchapter, eligible funds shall include:
1. Any fund classified as a Pension and
				Annuity Fund;
2. Any fund
				classified as a Static Fund;
3. Any
				fund classified as a Demand Fund;
4. Any fund classified as a Temporary Reserve
				Fund;
5. Any funds classified as a
				Trust Fund; and
6. Any fund
				classified as a Common Pension Fund and permitted to invest in state and
				municipal general obligations and public authority revenue
				obligations.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 17 - STATE, MUNICIPAL, AND PUBLIC AUTHORITY OBLIGATIONS › Section 17:16-17.4 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At the time of initial purchase, the
				following conditions should be met:
1. Not
				more than 10 percent of any one issue, serial note, or maturity may directly be
				purchased in the aggregate by all eligible 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
				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
				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.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 17 - STATE, MUNICIPAL, AND PUBLIC AUTHORITY OBLIGATIONS › Section 17:16-17.5 - Reports to Council

Current through Register Vol. 56, No. 14, July 15, 2024
The Director shall report all purchases of state and
				  municipal general obligations under this subchapter at the next regularly
				  scheduled meeting of the Council.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 19 - COLLATERALIZED NOTES AND MORTGAGES › Section 17:16-19.1 - 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:
"Collateralized notes and mortgages" mean securities fully
				  collateralized by mortgage-backed securities, credit card receivables,
				  automobile loans, home equity loans, bank loans, or other forms of receivables
				  originated in the United States.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 19 - COLLATERALIZED NOTES AND MORTGAGES › Section 17:16-19.2 - 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 or reinvest
				the moneys of any eligible fund 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 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, it 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 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 19 - COLLATERALIZED NOTES AND MORTGAGES › Section 17:16-19.3 - Eligible funds

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For purposes of
				this subchapter, eligible funds shall include:
1. Any fund classified as a Pension and
				Annuity Fund;
2. The State of New
				Jersey Cash Management Fund; and
3.
				Any fund classified as a Common Pension Fund and permitted to invest in
				collateralized notes and mortgages.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 19 - COLLATERALIZED NOTES AND MORTGAGES › Section 17:16-19.4 - 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. 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 assets of any one fund shall be directly invested in the
				obligations of any one issue. This limitation shall not apply to any fund
				classified as a Common Pension Fund;
3. Not more than five percent of the market
				value of the State of New Jersey Cash Management Fund shall be directly
				invested in the fixed income obligations of any one issuer and affiliated
				entities;
4. 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; and
5. Not more than 10 percent of the assets of
				any eligible fund other than a Pension and Annuity Fund or Common Pension Fund
				(or five percent of the combined assets of all the Pension and Annuity Funds)
				shall consist of collateralized notes and mortgages directly purchased pursuant
				to this subchapter.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 19 - COLLATERALIZED NOTES AND MORTGAGES › Section 17:16-19.5 - Reports to Council

Current through Register Vol. 56, No. 14, July 15, 2024
The Director shall report all purchases of collateralized
				  notes and mortgages under this subchapter at the next regularly scheduled
				  meeting of the Council.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 20 - INTERNATIONAL GOVERNMENT AND AGENCY OBLIGATIONS › Section 17:16-20.1 - 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:
"International government and agency obligations" mean direct
				  debt obligations of a sovereign government or its political subdivisions, debt
				  obligations of agencies of a sovereign government which are unconditionally
				  guaranteed as to principal and interest by the sovereign government's full
				  faith and credit, and debt obligations of international agencies or financial
				  institutions that are backed, but not necessarily guaranteed, by the collective
				  credit of multiple sovereign governments.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 20 - INTERNATIONAL GOVERNMENT AND AGENCY OBLIGATIONS › Section 17:16-20.2 - 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 international government and agency
				obligations.
(b) Notwithstanding
				(a) above, the Director may only invest and reinvest the moneys of the State of
				New Jersey Cash Management Fund in direct obligations of the Canadian
				government or a province thereof that are:
1.
				Denominated in United States dollars; and
2. Have a credit rating of Aa3 or higher by
				Moody's Investor Service, Inc., AA- or higher by Standard & Poor's
				Corporation, and AA- 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.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 20 - INTERNATIONAL GOVERNMENT AND AGENCY OBLIGATIONS › Section 17:16-20.3 - Eligible funds

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For purposes of
				this subchapter, eligible funds shall include:
1. Any fund classified as a Common Pension
				Fund and permitted to invest in international government and agency
				obligations; and
2. 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 20 - INTERNATIONAL GOVERNMENT AND AGENCY OBLIGATIONS › Section 17:16-20.4 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At time of
				initial purchase, the following conditions shall be met:
1. Not more than five percent of the market
				value of the assets of the State of New Jersey Cash Management Fund shall be
				directly invested in international government and agency obligations, whether
				direct or guaranteed, of any one issuer.
2. 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 Council.
3. Not more than five percent of the combined
				assets of all of the Pension and Annuity Funds shall be directly invested in
				international government and agency obligations.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 20 - INTERNATIONAL GOVERNMENT AND AGENCY OBLIGATIONS › Section 17:16-20.5 - Reports to Council

Current through Register Vol. 56, No. 14, July 15, 2024
The Director shall report all purchases of international
				  government and agency obligations under this subchapter at the next regularly
				  scheduled meeting of the Council.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 23 - GLOBAL DIVERSIFIED CREDIT INVESTMENTS › Section 17:16-23.2 - 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 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. Subsequent to purchase, if the borrower defaults, the loans do not
				have to be sold; and
ii. Has
				shareholder's equity of at least $ 200million. Subsequent to purchase, if
				shareholder's equity falls below $ 200million, the investment does not have to
				be sold;
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 23 - GLOBAL DIVERSIFIED CREDIT INVESTMENTS › Section 17:16-23.3 - 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 private
				  credit investments.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 23 - GLOBAL DIVERSIFIED CREDIT INVESTMENTS › Section 17:16-23.4 - Limitations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following conditions shall all 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 private credit investments made pursuant to
				N.J.A.C.
				17:16-23.2(a)2:
1. Not more than 13 percent of the market
				value of the combined assets of all of the Pension and Annuity Funds shall be
				invested in private credit investments, whether directly or through separate
				accounts, funds-of-funds, commingled funds, co-investments, and joint ventures
				that primarily invest in private credit investments. This limitation shall be
				applied to the Pension and Annuity Funds' proportionate interest 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 Council;
3. 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. This limitation shall be applied to the Pension and
				Annuity Funds' proportionate interest in private credit investments;
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 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 23 - GLOBAL DIVERSIFIED CREDIT INVESTMENTS › Section 17:16-23.5 - Reports to Council

Current through Register Vol. 56, No. 14, July 15, 2024
The Director shall report all purchases of bank loans under
				  this subchapter at the next regularly scheduled meeting of the Council.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 31 - COMMERCIAL PAPER › Section 17:16-31.1 - 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:
"Commercial paper" means secured or unsecured short-term debt
				  issued by a company.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 31 - COMMERCIAL PAPER › Section 17:16-31.2 - 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 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 issuer (or any guarantor pledging its
				full faith and credit to the issue) has a credit rating of P-1 or higher by
				Moody's Investors Service, Inc., A-1 or higher by Standard & Poor's
				Corporation, or F-1 or higher by Fitch Ratings. Subsequent to purchase, if the
				issuer rating 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 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 31 - COMMERCIAL PAPER › Section 17:16-31.3 - Eligible funds

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For purposes of
				this subchapter, 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. The State of New Jersey
				Cash Management Fund; and
6. Any
				fund classified as a Common Pension Fund and permitted to invest in commercial
				paper.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 31 - COMMERCIAL PAPER › Section 17:16-31.4 - 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 five percent of the market
				value of the assets of any fund (other than the Pension and Annuity Funds, the
				New Jersey State Employees Deferred Compensation Fixed Income Fund, the New
				Jersey Better Educational Savings Trust, and the Common Pension Funds) shall be
				directly invested in the fixed income obligations of any one issuer and
				affiliated entities;
2. Not more
				than 10 percent of the market value of the assets of the New Jersey State
				Employees Deferred Compensation Fixed Income Fund or the New Jersey Better
				Educational Savings Trust shall be directly invested in the equity and fixed
				income obligations of any one issuer and affiliated entities; and
3. 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.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 32 - CERTIFICATES OF DEPOSIT › Section 17:16-32.1 - 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:
"Certificates of deposit" mean debt instruments issued by a
				  bank or trust company, or by a wholly-owned subsidiary or branch of a bank or
				  trust company.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 32 - CERTIFICATES OF DEPOSIT › Section 17:16-32.2 - 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 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 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 32 - CERTIFICATES OF DEPOSIT › Section 17:16-32.3 - Eligible funds

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For purposes of
				this subchapter, 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. The State of New Jersey
				Cash Management Fund; and
6. Any
				fund classified as a Common Pension Fund and permitted to invest in
				certificates of deposit.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 32 - CERTIFICATES OF DEPOSIT › Section 17:16-32.4 - 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
				total investment by any eligible fund in certificates of deposit of any one
				issuer shall not exceed 10 percent of the issuer's outstanding debt;
2. Not more than five percent of the market
				value of the assets of any fund (other than the Pension and Annuity Funds,
				Common Pension Funds, New Jersey State Employees Deferred Compensation Fixed
				Income Fund, and the New Jersey Better Educational Savings Trust) shall be
				directly invested in the fixed income obligations of any one issuer and
				affiliated entities;
3. Not more
				than 10 percent of the market value of the assets of the New Jersey State
				Employees Deferred Compensation Fixed Income Fund or the New Jersey Better
				Educational Savings Trust shall be directly invested in the equity and fixed
				income obligations of any one issuer and affiliated entities; and
4. 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.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 33 - REPURCHASE AGREEMENTS › Section 17:16-33.1 - 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:
"Repurchase agreements" mean agreements between parties
				  whereby one party sells another a security at a specified price with a
				  commitment to repurchase the security at a later date at a specified
				  price.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 33 - REPURCHASE AGREEMENTS › Section 17:16-33.2 - 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
				moneys of any eligible fund 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 which:
i. Is headquartered in the United States;
				and
ii. Is a member of the Federal
				Reserve System; or
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 33 - REPURCHASE AGREEMENTS › Section 17:16-33.3 - Eligible funds

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For purposes of
				this subchapter, 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. The State of New Jersey
				Cash Management Fund; and
6. Any
				fund classified as a Common Pension Fund and permitted to invest in repurchase
				agreements.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 37 - MONEY MARKET FUNDS › Section 17:16-37.1 - 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:
"Money market funds" mean mutual funds that invest in
				  short-term debt instruments and seek to maintain a stable share price of one
				  dollar.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 37 - MONEY MARKET FUNDS › Section 17:16-37.2 - 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 money market funds provided that the money
				market funds:
1. Invest primarily in money
				market securities authorized pursuant to N.J.A.C. 17:16-11 and 17:16-31 through
				33;
2. 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
3. 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 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 37 - MONEY MARKET FUNDS › Section 17:16-37.3 - Eligible funds

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For purposes of
				this subchapter, eligible funds shall include:
1. Any fund classified as a Pension and
				Annuity Fund;
2. Any fund
				classified as a Demand Fund;
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 37 - MONEY MARKET FUNDS › Section 17:16-37.4 - 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 10 percent of the market
				value of any eligible fund (other than a Pension and Annuity Fund or Common
				Pension Fund) shall be invested in money market funds;
2. Not more than five percent of the combined
				assets of all of the Pension and Annuity Funds shall be invested in money
				market funds; and
3. The total
				amount of shares or units purchased or acquired by any eligible fund of any one
				money market fund shall not exceed five percent of the shares or units
				outstanding.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 40 - NON-CONVERTIBLE PREFERRED STOCKS › Section 17:16-40.1 - 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:
"Non-convertible preferred stocks" mean shares of stock which
				  provide a dividend that is paid before any dividends are paid to holders of
				  common stock and additional rights above and beyond those conferred by common
				  stock. The shares are not convertible into common stock of the issuing
				  entity.
"Private placement" means a negotiated sale in which the
				  securities are sold directly to institutional or private investors, rather than
				  through a public offering registered with the U.S. Securities and Exchange
				  Commission or applicable foreign regulatory body. Private placement includes
				  the sale of securities pursuant to Section 4(2), Regulation D, Regulation S, or
				  Rule 144A under the Securities Act of 1933.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 40 - NON-CONVERTIBLE PREFERRED STOCKS › Section 17:16-40.2 - 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 non-convertible preferred stock provided
				that:
1. The stock is traded on a securities
				exchange or the over-the-counter market or issued through a private
				placement;
2. The company has a
				market capitalization or contributed capital of at least $ 100 million.
				Subsequent to purchase, if capitalization or contributed capital falls below $
				100 million, the investment does not have to be sold; and
3. The stock has a credit rating of Baa3 or
				higher by Moody's Investors Service, Inc., BBB- or higher by Standard &
				Poor's Corporation, and BBB- or higher by Fitch Ratings, except that two of the
				three ratings is sufficient and one of the three ratings is sufficient if only
				one rating is available. Subsequent to purchase, if the ratings fall below the
				minimum rating for such securities, they do not have to be sold, and they may
				be exchanged with securities with credit ratings lower than the minimum rating
				if the securities received in exchange are, on balance, similarly
				rated.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 40 - NON-CONVERTIBLE PREFERRED STOCKS › Section 17:16-40.3 - 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
				  non-convertible preferred stock.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 40 - NON-CONVERTIBLE PREFERRED STOCKS › Section 17:16-40.4 - 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 total amount of non-convertible
				preferred stock purchased or acquired under this subchapter of any one issuer
				shall not exceed 10 percent of the outstanding non-convertible preferred stock
				or 25 percent of the issue at the time of issue, except that these requirements
				may be waived by the Council;
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; and
3. The total amount directly invested in debt
				issued through a private placement by the Pension and Annuity Funds and the
				Common Pension Funds, in the aggregate, shall not exceed seven 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 42 - EQUITY INVESTMENTS (TRUST FUNDS) › Section 17:16-42.1 - 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:
"Common stock" means shares of stock, other than preferred
				  stock, representing ownership in a corporation or other form of legal
				  entity.
"Convertible debt issue" means a debt obligation of any
				  corporation or other form of legal entity which is convertible into the common
				  stock of the entity.
"Convertible preferred stock" means preferred stock of any
				  corporation or other form of legal entity which is convertible into the common
				  stock of the entity.
"Equity investments" mean common stock, convertible and
				  non-convertible preferred stock, rights, convertible debt issues, or any other
				  security representing an ownership interest in a corporation, bank, master
				  limited partnership, limited liability company, limited liability partnership,
				  or other form of legal entity. Equity investments may also include investments
				  in exchange-traded funds.
"Exchange-traded funds" mean funds that invest in underlying
				  securities that track a predetermined index or strategy, a commodity, or a
				  basket of assets, and can be traded like shares of common stock.
"Non-convertible preferred stock" means preferred stock of
				  any corporation or other form of legal entity which is not convertible into the
				  common stock of the entity.
"Preferred stock" means shares of stock that provide a
				  specific dividend that is paid before any dividends are paid to holders of
				  common stock and additional rights above and beyond those conferred by common
				  stock.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 42 - EQUITY INVESTMENTS (TRUST FUNDS) › Section 17:16-42.2 - 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 equity investments denominated in United
				States dollars that are traded on a securities exchange in the United States or
				the over-the-counter market.
(b)
				Notwithstanding the restrictions contained in this subchapter, the Council may
				approve the purchase of equity investments on a case-by-case basis.
(c) In addition to (a) above, the Director
				may:
1. Exercise the rights or conversion
				privileges of the equity investments of any security acquired under this
				subchapter;
2. Purchase the
				convertible preferred stock or rights of an entity, the common stock of which
				qualifies for investment under this subchapter;
3. Purchase stock in new public offerings of
				entities; and
4. Retain any
				distribution received as a result of a corporate action, even if the security
				does not meet the requirements of this subchapter.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 42 - EQUITY INVESTMENTS (TRUST FUNDS) › Section 17:16-42.3 - Eligible funds

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For purposes of
				this subchapter, eligible funds shall include:
1. Supplemental Annuity Collective
				Trust;
2. The Deferred Compensation
				Equity Fund;
3. The Deferred
				Compensation Small Capitalization Equity Fund; and
4. New Jersey Better Educational Savings
				Trust.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 42 - EQUITY INVESTMENTS (TRUST FUNDS) › Section 17:16-42.4 - 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 10 percent of the market value of the assets of any eligible fund
				shall be directly invested in equity and fixed income obligations of any one
				issuer and affiliated entities;
2.
				The total amount of a particular class of stock directly purchased or acquired
				of any one entity shall not exceed five 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. 17:16-48, 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; and
3.
				The total amount of shares directly purchased or acquired of any one
				exchange-traded fund shall not exceed five percent of the total shares
				outstanding of such fund.
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 17:16-48.1 - 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:
"Closed-end global, regional, or country funds" mean funds
				  that invest in underlying securities that concentrate on a specific industry,
				  geographic market, or sector.
"Common stock" means shares of stock, other than preferred
				  stock, representing ownership in a corporation or other form of legal
				  entity.
"Convertible debt issue" means a debt obligation of any
				  corporation or other form of legal entity that is convertible into the common
				  stock of the entity.
"Convertible preferred stock" means preferred stock of any
				  corporation or other form of legal entity that is convertible into the common
				  stock of the entity.
"Equity investments" mean common stock, convertible and
				  non-convertible preferred stock, rights, convertible debt issues, or any other
				  security representing an ownership interest in a corporation, bank, master
				  limited partnership, limited liability company, limited liability partnership,
				  or other form of legal entity. Equity investments may also include investments
				  in exchange-traded funds and closed-end global, regional, or country
				  funds.
"Exchange-traded funds" mean funds that invest in underlying
				  securities that track a predetermined index or strategy, a commodity, or a
				  basket of assets, and whose shares can be traded like shares of common
				  stock.
"Non-convertible preferred stock" means preferred stock of
				  any corporation or other form of legal entity that is not convertible into the
				  common stock of the entity.
"Preferred stock" means shares of stock that provide a
				  dividend that is paid before any dividends are paid to holders of common stock
				  and additional rights above and beyond those conferred by common stock.
"Private placement" means a negotiated sale in which the
				  securities are sold directly to institutional or private investors, rather than
				  through a public offering registered with the U.S. Securities and Exchange
				  Commission or applicable foreign regulatory body. Private placement includes
				  the sale of securities pursuant to Section 4(2), Regulation D, Regulation S, or
				  Rule 144A under the Securities Act of 1933, as amended.
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 17:16-48.2 - 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 global equity investments traded on a
				securities exchange or the over-the-counter market, or offered and sold through
				a private placement.
(b) In
				addition to (a) above, the Director may:
1.
				Exercise the rights or conversion privileges of any global equity investment
				acquired under this subchapter;
2.
				Purchase the convertible preferred stock or rights of an entity, the common
				stock of such entity which qualifies for investment under this
				subchapter;
3. Purchase the
				convertible debt issue of an entity, the common stock of such entity which
				qualifies for investment under this subchapter;
4. Purchase stock in new public offerings of
				entities; and
5. Retain any
				distribution received as a result of a corporate action, even if the security
				distributed does not meet the requirements of this subchapter.
New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 16 - RULES OF THE STATE INVESTMENT COUNCIL › Subchapter 48 - GLOBAL EQUITY INVESTMENTS (PENSION AND ANNUITY FUNDS) › Section 17:16-48.3 - Eligible funds

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For purposes of this subchapter, eligible
				funds shall include:
1. The Public Employees'
				Retirement System;
2. The State
				Police Retirement System;
3. The
				Teachers' Pension and Annuity Fund;
4. The Judicial Retirement System of New
				Jersey; and
5. Any fund classified
				as a Common Pension Fund and permitted to invest in global equity investments.