43:10-18.54 - Deposits; investments - New Jersey Statutes

43:10-18.54.  Deposits;  investments
    The pension commission shall deposit the funds in any of the banks or trust  companies in the county.  All moneys not needed for immediate payment of the  pensions shall be invested by the pension commission in (a) interest-bearing  securities in which savings banks of this State are authorized to invest their  funds, (b) bonds or other evidences of indebtedness issued by any company  incorporated within and transacting business within the United States, which  are not in default as to either principal or interest when acquired, (c) direct  obligations of or unconditionally guaranteed as to principal and interest by  the government of Canada, payable as to both principal and interest in United  States dollars, or which are the direct obligations of or unconditionally guaranteed as to principal and interest by any of the provinces thereof, payable as to both principal and interest in United States dollars, (d) mortgage bonds or notes secured by property within this State and insured by the Federal Housing Administrator and (e) capital stock or other securities issued by any company incorporated within the United States, in which life insurance companies organized under the laws of this State may legally invest,  provided that the book value of the total investment in common and preferred  stock does not exceed 15% of the book value of the fund, except that not more  than 10% of the book value of the fund shall be invested in common stock.

    The pension commission shall recommend and the board of freeholders shall appoint independent investment counsel to service the investment needs of the fund.

     L.1948, c. 310, p. 1233, s. 5.  Amended by L.1966, c. 210, s. 1.