N.J. Admin. Code § 17:2-1.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 17:2-1.3 - Officers and committees

(a) The members of the Board shall elect a chairperson and vice chairperson. A representative to the Pension System Actuary Selection Committee, as provided for by N.J.S.A. 43:4B-1, shall be elected by the Board whenever the selection of a new actuary is needed. A representative to the State Investment Council shall be elected pursuant to N.J.S.A. 52:18A-83 and N.J.A.C. 17:1-1.1A, from its membership for the forthcoming year at its regular meeting held in July.

(b) The chairperson of the Board shall preside at all of its meetings. In the absence of the chairperson, the vice chairperson shall assume the chairperson's responsibilities. In the absence of the chairperson and vice chairperson, another member selected by the majority of the members in attendance will preside for that single meeting.

(c) The chairperson and the Secretary of the Board shall have the power to act for the Board in any matter which may be referred to them by the Board.

(d) There shall be one standing committee, which is the Finance Committee, pursuant to N.J.S.A. 43:15A-32. The Committee shall be appointed by the chairperson at the July meeting for the forthcoming fiscal year. The Secretary shall provide all investment transactions and financial reports for presentation to the Board at its regular monthly meetings. The Committee shall consist of five members, at least three of whom shall be elected members of the various Boards of Trustees of the State-administered retirement systems.

N.J. Admin. Code § 17:2-1.3

Amended by 50 N.J.R. 646(a), effective 1/16/2018