N.J. Admin. Code § 17:16-20.2

Current through Register Vol. 56, No. 24, December 18, 2024

Section 17:16-20.2 - Permissible investments

(a) Subject to the limitations contained in this subchapter, the Director may invest and reinvest the moneys of any eligible fund in international government and agency obligations.

(b) Notwithstanding (a) above, the Director may only invest and reinvest the moneys of the State of New Jersey Cash Management Fund in direct obligations of the Canadian government or a province thereof that are:

1. Denominated in United States dollars; and

2. Have a credit rating of Aa3 or higher by Moody's Investor Service, Inc., AA- or higher by Standard & Poor's Corporation, and AA- or higher by Fitch Ratings, except that two of the three ratings is sufficient and one of the three ratings is sufficient if only one rating is available.

(c) Notwithstanding (a) above, the Director may only invest and reinvest the moneys of a Common Pension Fund in international government and agency obligations that have a credit rating of Baa3 or higher by Moody's Investor Service, Inc., BBB- or higher by Standard & Poor's Corporation, and BBB- or higher by Fitch Ratings, except that two of the three ratings is sufficient and one of the three ratings is sufficient if only one rating is available.

(d) Notwithstanding the restrictions contained in (a) through (c) above, the Council may approve the purchase of international government and agency obligations on a case-by-case basis.

N.J. Admin. Code § 17:16-20.2

Amended by R.1991 d.386, effective 8/5/1991.
See: 23 N.J.R. 1775(b), 23 N.J.R. 2344(a).
In (a)2, added Common Pension Fund D.
Amended by R.1992 d.274, effective 7/6/1992.
See: 24 N.J.R. 1690(a), 24 N.J.R. 2464(a).
Revised text.
Amended by R.2004 d.249, effective 7/6/2004.
See: 36 N.J.R. 1739(a), 36 N.J.R. 3269(b).
In (b), deleted ", their subdivisions and their agencies, and international agencies" in the first sentence and deleted "and Agencies" in the second sentence; deleted (c).
Amended by R.2005 d.322, effective 9/19/2005.
See: 37 N.J.R. 2149(a), 37 N.J.R. 3720(a).
In (a), rewrote the introductory paragraph, 1, 3, and 4.
Amended by R.2006 d.257, effective 7/17/2006.
See: 38 N.J.R. 1407(a), 38 N.J.R. 3063(a).
Rewrote the section.
Recodified from N.J.A.C. 17:16-20.1 and amended by R.2006 d.317, effective 9/5/2006.
See: 38 N.J.R. 2039(a), 38 N.J.R. 3632(a).
In introductory paragraph of (b), inserted "State of New Jersey" preceding "Cash"; in introductory paragraph of (c), substituted "(a)" for "subsection". Former N.J.A.C. 17:16-20.2, Eligible Funds, recodified to N.J.A.C. 17:16-20.3.
Amended by R.2013 d.026, effective 2/19/2013.
See: 44 N.J.R. 2281(a), 45 N.J.R. 348(b).
Rewrote (c).
Amended by R.2014 d.038, effective 3/3/2014.
See: 45 N.J.R. 1477(a), 46 N.J.R. 442(a).
In (a), substituted "international government and agency obligations" for a colon at the end; deleted (a)1 through (a)4; and in (c), inserted "a" preceding "Common", and deleted "B" following "Fund".