{"data":{"id":"us-nj/n.j.-stat.-43-15a-32","jurisdiction":"us-nj","citation":"N.J. Stat. § 43:15A-32","heading":"Management of funds.","body":"32.\tThe board of trustees shall be and are hereby constituted trustees of the various funds and accounts established by this act;  provided, however, that all functions, powers, and duties relating to the investment or reinvestment of  moneys of, and 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 Director of the Division of Investment in accordance with the  provisions of chapter 270, P.L.1950, as amended and supplemented.  The  secretary 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  Director of the Division of Investment.\nThe members of the finance committee of the board of trustees shall be appointed at or after July 1 of each calendar year by the chairman of the board  of trustees to serve through June 30 of the ensuing calendar year and until  their successors are appointed.  The finance committee of the board of trustees shall consist of five members of the board of trustees, one of whom shall be  the State Treasurer, and one of whom shall be the member designated to serve on  the State Investment Council.  At least three members of the finance committee  shall be members of the board of trustees who have been elected by members of  the system.  A quorum of the finance committee shall consist of three members  thereof.\nAn elected member of the board of trustees to be designated by a majority vote thereof shall serve on the State Investment Council as a representative of said  board of trustees, for a term of  three years and until  a successor is  designated and qualified.\nL.1954, c.84, s.32; amended 1954, c.244, s.4; 1955, c.261, s.7; 1970, c.57, s.3; 2011, c.78, s.30.","path":["TITLE 43 PENSIONS AND RETIREMENT AND UNEMPLOYMENT \t\t\tCOMPENSATION"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"97f5c6275ded3334d80f7e551e08f805b1b2ec31084a64e91f19ad84278adbc1","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-43-15a-31","next":"us-nj/n.j.-stat.-43-15a-33"},"notice":"GroundRules: Original legal text. Not legal advice."}