§ 43:16A-14 — Management of funds.

14. (1) The board of trustees 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. L.1944, c.255, s.14; amended 1970, c.57, s.11; 2011, c.78, s.31; 2017, c.98, s.26; 2018, c.55, s.16.