N.J. Admin. Code § 17:16-5.4

Current through Register Vol. 57, No. 1, January 6, 2025

Section 17:16-5.4 - Limitations

(a) Not more than 15 percent of the market value of the assets of any Common Pension Fund shall be loaned to any one borrower.

(b) The required collateral levels by type of security shall be specified in an agreement with the securities lending agent, where applicable, and in each securities lending agreement, but in no event shall the required collateral level be less than 100 percent of the market value of the loaned securities.

(c) If the limitations in this subchapter are not met, then the Council shall be notified at the next regularly scheduled meeting of the Council. The Division may be granted a six-month period of grace to bring the transactions into compliance, except that the period of grace may be extended for additional four-month periods with the approval of the Council.

N.J. Admin. Code § 17:16-5.4