N.J. Admin. Code § 17:6-3.2

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

Section 17:6-3.2 - Powers

(a) The Board shall select one or more designated service providers (DSPs), licensed or otherwise authorized to transact business in New Jersey, for the administration of all or part of the Program, including the management and investment of contributions to the Retirement Plan. The DSP or DSPs shall be selected in accordance with all applicable State laws and regulations.

(b) The Board shall determine investment options to be offered with respect to the investment of Retirement Plan accounts, including, but not limited, to mutual funds, subject to such rules and regulations as the Division of Pensions and Benefits may adopt, in accordance with all Internal Revenue Code rules and regulations. The Division of Pensions and Benefits as the Plan Administrator may direct the Trustee or DSP with respect to the investment options that may be made available to participants and beneficiaries, and may enter into such contractual arrangements with the Trustee or DSP (for example, to participate in a collective trust for the holding of benefit plan assets) as may be necessary or desirable to implement the provisions of the investment options.