N.J. Admin. Code § 17:3-1.3

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

Section 17:3-1.3 - Officers and committees

(a) The members of the Board shall elect a chairperson and vice chairperson from its membership for the forthcoming year at its regular meeting held in July. The members of the Board shall elect a representative to the State Investment Council pursuant to 18A:66-61 and 17:1-1.1A. A representative to the Retirement Systems Actuary Selection Committee, as provided for by 43:4B-1, shall be elected by the Board whenever the selection of a new actuary is needed.

(b) The chairperson of the Board shall preside at all meetings. In the absence of the chairperson, the vice chairperson shall assume the chairperson's responsibilities. In the absence of the chairperson and vice chairperson, another member selected by the majority of the members in attendance will preside for that single meeting.

(c) The chairperson and the Secretary of the Board shall have the power to act for the Board in all matters which may be referred to them by the Board.

(d) Pursuant to 18A:66-61, there shall be one standing committee, which is the Finance Committee. The Committee shall be appointed at the July Board meeting by the chairperson-elect for the forthcoming fiscal year. The Committee shall consist of three members, who shall be elected members of the Board. The State Treasurer and the person designated to represent the Fund on the State Investment Council shall serve as members of the Finance Committee. The Finance Committee shall review all investment transactions and financial reports referred to it by the Secretary for presentation to the Board at its regular monthly meeting.

N.J. Admin. Code § 17:3-1.3

Amended by 47 N.J.R. 2876(a), effective 11/16/2015