New Jersey § 52:18a-89

§ 52:18a-89.

a. Limitations, conditions and restrictions contained in any law concerning the kind

or nature of investment of any of the moneys of any of the funds or accounts referred

to herein shall continue in full force and effect; provided, however, that subject

to any acceptance required, or limitation or restriction contained herein: the Director

of the Division of Investment shall at all times have authority to invest and reinvest

any such moneys in investments as defined in subsection c. of this section and, for

or on behalf of any such fund or account, to sell or exchange any such investments ; provided, however, that the Board of Trustees of the Police and Firemen's Retirement

System of New Jersey shall have the authority to direct the investment and reinvestment

policies for or on behalf of the Police and Firemen's Retirement System of New Jersey,

with the exception of those monies held by Common Pension Fund L as of the effective

date of this act and thereafter, which the Board of Trustees of the Police and Firemen's

Retirement System of New Jersey shall have no authority to direct investment associated

with the Common Pension Fund L. The Director of the Division of Investment shall retain all functions, powers, and

duties pursuant to P.L. 2017, c. 98 ( C.5:9-22.5 et seq. ). b. In investing and reinvesting any and all money and property committed to the director's

investment discretion from any source whatsoever, and in acquiring, retaining, selling,

exchanging and managing investments, the Director of the Division of Investment , and in the case of the Police and Firemen's Retirement System of New Jersey, the

Board of Trustees of the Police and Firemen's Retirement System of New Jersey, shall exercise the care, skill, prudence and diligence under the circumstances then

prevailing that a prudent person acting in a like capacity and familiar with such

matters would use in the conduct of an enterprise of a like character and with like

aims. In making each investment, the director may, depending on the nature and objectives

of the portfolio, consider the whole portfolio, provided that, in making each investment,

the director shall act with the reasonable expectation that the return on each investment

shall be commensurate with the risk associated with each investment. The director shall be under a duty to manage and invest the portfolio solely in

the interests of the beneficiaries of the portfolio and for the exclusive purpose

of providing financial benefits to the beneficiaries of the portfolio. c. For the purposes of this section, “ investments ” means and includes property of every nature, real, personal and mixed, tangible

and intangible, and specifically includes, solely by way of description and not by

way of limitation, bonds, debentures and other corporate obligations, direct and indirect

investments in equity real estate, mortgages and other direct or indirect interests

in real estate or investments secured by real estate, capital stocks, common stocks,

preferred stocks, diversified pools of venture capital which otherwise could be made

consistent with the standard of care required by subsection b. of this section, common

trust funds as defined in and regulated by sections 36 through 46 of P.L.1948, c.

67 ( C.17:9A-36 through 17:9A-46 ), repurchase agreements, securities loan transactions secured by cash, securities

issued by the United States government or its agencies, or irrevocable bank letters

of credit, whether directly or through a bank or similar financial institution acting

as agent or trustee, mutual funds, and any other security issued by an investment

company or investment trust, whether managed or not by third parties, registered under

the “Investment Company Act of 1940,” ( 15 U.S.C. s.80a-1 et seq. ). No investment that is otherwise permissible under this subsection shall be considered

to be unlawful solely because the investment is made indirectly or through a partnership,

trust, or other legal entity.