New Jersey § 43:16a-14

§ 43:16a-14.

(1) The board of trustees 1 shall be and are hereby constituted trustees of the various funds and accounts established

by this act . All functions, powers and duties relating to the formulation, establishment, amendment, modification or repeal of any policy, procedure,

method or practice on the investment or reinvestment of moneys shall be performed by the board. The purchase, sale or exchange of any investments or securities, of or for any fund or

account established under this act shall be exercised and performed by the Division of Investment upon the direction of the board . The actuary of the board of trustees shall determine from time to time the cash requirements

of the various funds and accounts established by this act and the amount available

for investment, all of which shall be certified to the chair and executive director of the board of trustees. Notwithstanding this provision, Common Pension Fund L and the assets held by Common

Pension Fund L as of the effective date of this Act and thereafter, including the

interest of the Police and Firemen's Retirement System of New Jersey therein shall

remain within the Division of Investment in the Department of the Treasury. The Division of Investment, the Director of the Division of Investment and the State

Investment Council shall retain all functions, powers, and duties relating to Common

Pension Fund L assigned to the Division of Investment, the Director of the Division

of Investment, and the State Investment Council, by P.L.2017, c. 98 ( C.5:9-22.5 et seq. ). (2) The Treasurer of the State of New Jersey shall be the custodian of the fund created by this act, shall select all depositories and custodians and shall negotiate

and execute custody agreements in connection with the assets or investments of said fund . All payments from said fund shall be made by him only upon vouchers signed by the chairman and countersigned

by the secretary of the board of trustees. No voucher shall be drawn, except upon the authority of the board duly entered in

the records of its proceedings. (3) (Deleted by amendment.) (4) Except as otherwise herein provided, no trustee and no employee of the board of

trustees shall have any direct interest in the gains or profits of any investments

of the retirement system; nor shall any trustee or employee of the board directly

or indirectly, for himself or as an agent in any manner use the moneys of the retirement

system, except to make such current and necessary payments as are authorized by the

board of trustees; nor shall any trustee or employee of the board of trustees become

an endorser or surety, or in any manner an obligor for moneys loaned to or borrowed

from the retirement system. (5) For purposes of this section, during the term of the lottery contribution made

pursuant to section 4 of P.L.2017, c. 98 ( C.5:9-22.8 ), the expenses of the Lottery Enterprise shall not be considered to be expenses of

the retirement system. 1

The functions, powers and duties of the Board of Trustees were transferred to the

Division of Pensions, Treasury Department, by L.1955, c. 70, p. 233, § 2. See N.J.S.A.

§ 52:18A-96.