N.J. Admin. Code § 17:7-17.2
As of July 1, 1969, the State Treasurer is hereby authorized and permitted to purchase from one or more insurance companies, as determined by him or her, group life insurance to provide for the death benefits in the amounts specified in this account. Such group life insurance may be provided under one or more policies issued to the State Treasurer specifically for this purpose or, in the discretion of the State Treasurer, under one or more policies issued to the State Treasurer which provide group life insurance coverage for members of one or more retirement systems of the State of New Jersey. Any dividend or retrospective rate credit allowed by an insurance company attributable to the Group Life Insurance Plan shall be credited in an equitable manner to the funds available to meet the employers' obligations under the Alternate Benefit Program.
N.J. Admin. Code § 17:7-17.2