N.J. Admin. Code § 17:4A-14.2

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

Section 17:4A-14.2 - Limitations

(a) At the time of initial purchase, the following conditions shall be met:

1. The total amount of investments in money market funds by PFRSNJ-managed fund assets, excluding operational cash and transient cash, shall not exceed 10 percent of the market value of the total PFRSNJ fund assets; and

2. The total amount of shares or units purchased or acquired of any one money market fund shall not exceed five percent of the shares or units outstanding.

(b) If, subsequent to initial purchase, the limitations at (a) above are exceeded, then the Board shall be notified at the next regularly scheduled meeting of the Board. The Board may grant a six-month grace period to reduce the level of participation to at or below the maximum levels, except that the grace period may be extended by one or more additional four-month periods with the approval of the Board, provided the Board determines such extension is in the financial best interest of the PFRSNJ and its beneficiaries and is consistent with the Board's fiduciary responsibility.

N.J. Admin. Code § 17:4A-14.2

Adopted by 53 N.J.R. 1147(a), effective 7/6/2021

Recodified from 17:4A-14.4 by 56 N.J.R. 795(a) effective 5/6/2024