N.J. Admin. Code § 17:4A-25.2

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

Section 17:4A-25.2 - Limitations

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

1. Not more than seven percent of the total PFRSNJ fund assets shall be invested in opportunistic investments; and

2. Not more than two percent of the total PFRSNJ fund assets shall be invested in any one opportunistic investment.

(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-25.2

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

Recodified from 17:4A-25.4 by 56 N.J.R. 795(a) effective 5/6/2024