N.J. Admin. Code § 17:1-1.1A

Current through Register Vol. 56, No. 23, December 2, 2024

Section 17:1-1.1A - Election of representative to the State Investment Council

(a) Pursuant to 52:18A-83.a(1), the Board of Trustees of the Public Employees' Retirement System (PERS), the Teachers' Pension and Annuity Fund (TPAF), and the Police and Firemen's Retirement System (PFRS) of New Jersey shall each elect one of its board members for a three-year term commencing on July 1, to serve as a member of the State Investment Council at its regular meetings. Board members who are designated to serve on the State Investment Council must be active members of their retirement system or retired members of their retirement system receiving a retirement allowance.

1. Each active or retired member of the PERS, TPAF, and PFRS Board of Trustees who is elected by his or her Board to serve as a member of the State Investment Council may not hold any office, position, or employment in any political party and may not benefit directly or indirectly from any transaction made by the Director of the Division of Investment.

2. Any active or retired member elected by the Board of Trustees of the PERS, TPAF, and PFRS to serve as the State Investment Council representative shall be required to comply with all other requirements provided in 52:18A-83. Any elected member who fails to comply with the requirements stipulated in the law will be automatically disqualified as a representative.

(b) A vacancy in the membership of the council occurring other than by expiration of the term, shall be filled in the same manner as provided in the original appointment, but for the remaining term only.

N.J. Admin. Code § 17:1-1.1A

Amended by 48 N.J.R. 1306(a), effective 6/20/2016