Statutes, codes, and regulations
New Jersey Administrative Code
Title 17 - TREASURY - GENERALChapter 4A - POLICE AND FIREMEN'S RETIREMENT SYSTEM INVESTMENT RULES
Subchapter 3 - PFRS BOARD'S POLICY CONCERNING POLITICAL CONTRIBUTIONS AND PROHIBITIONS ON INVESTMENT MANAGEMENT BUSINESS; COMMITMENT TO MINORITY- AND WOMEN-OWNED BUSINESS; COMMITMENT TO TRANSPARENCY WITH INVESTMENTS
Section 17:4A-3.2 - Restrictions

N.J. Admin. Code § 17:4A-3.2

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Current through Register Vol. 56, No. 23, December 2, 2024
Section 17:4A-3.2 - Restrictions
(a) The Board shall not engage an investment management firm to provide investment management services for the benefit of the PFRSNJ and shall not recommend that a separate account invest with an investment management firm, if, within the two years prior to such engagement or recommendation, any political contribution or payment to a political party covered by this subchapter has been made, or paid by:
1. The investment management firm, its parent company, or any other person or entity that controls the investment management firm;
2. Any investment management professional associated with such investment management firm;
3. Any third-party solicitor associated with such investment management firm; or
4. Any political action committee controlled by the investment management firm, its parent company, or any other entity that controls the investment management firm, or by an investment management professional of such investment management firm or controlling entity.
(b) The Board shall terminate the contract of any investment management firm if it is discovered that, within the two years prior to such engagement or during the term of such engagement, any political contribution or payment to a political party covered by this subchapter was made, or paid by:
1. The investment management firm, its parent company, or any other person or entity that controls the investment management firm;
2. Any investment management professional associated with such investment management firm;
3. Any third-party solicitor who solicited the Board to engage the investment management firm and was still associated with the investment management firm at the time of the contribution or payment; or
4. Any political action committee controlled by the investment management firm, its parent company, or any other entity that controls the investment management firm, or by an investment management professional of such investment management firm or controlling entity.
(c) The provisions at (a) and (b) above shall not prohibit the engagement, or require the termination, of an investment management firm, or prohibit the recommendation of an investment, if the only political contributions made by a person noted in this section within the prior two years to, and during, any such engagement were/are made by the contributor to State officials for whom the contributor was/is entitled to vote. Political contributions made by a contributor, pursuant to this subsection, shall not exceed $ 300.00 per State official, per election.
(d) The provisions at (a) and (b) above shall not prohibit the engagement, or require the termination, of an investment management firm, or prohibit the recommendation of an investment, if the only payments to any political party made by a person noted in this section within the prior two years to, and during, any such engagement did/do not exceed $ 300.00 per political party, per year.
(e) The provisions at (a), (b), (c), and (d) above shall apply to political contributions and payments to political parties made by any individual or entity for the 12-month period prior to such individual or entity becoming an investment management firm, investment management professional, or third-party solicitor.

N.J. Admin. Code § 17:4A-3.2

Adopted by 53 N.J.R. 1147(a), effective 7/6/2021
Recodified from 17:4A-3.3 by 56 N.J.R. 795(a) effective 5/6/2024