New Jersey Statutes 43:3C-26. Adoption of uniform method to conduct, report regular stress test analyses of State-administered retirement systems
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Terms Used In New Jersey Statutes 43:3C-26
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
1. a. The boards of trustees of the Teachers’ Pension and Annuity Fund, established pursuant to N.J.S. 18A:66-1 et seq., the Judicial Retirement System, established pursuant to P.L.1973, c.140 (C. 43:6A-1 et seq.), the Public Employees’ Retirement System, established pursuant to P.L.1954, c.84 (C. 43:15A-1 et seq.), the Police and Firemen’s Retirement System, established pursuant to P.L.1944, c.255 (C. 43:16A-1 et seq.), and the State Police Retirement System, established pursuant to P.L.1965, c.89 (C. 53:5A-1 et seq.), shall adopt a uniform method to conduct and report regular stress test analyses of these State-administered retirement systems. The uniform method adopted by the boards of trustees shall be a method recommended by an organization of actuaries in accordance with generally accepted and nationally recognized actuarial standards, and approved by a majority of the actuaries of the foregoing State-administered retirement systems. The stress test analyses shall provide a forward-looking projection, which considers the effects of long-term conditions and patterns of behavior of the investment market, to assess how well the investments of each State-administered retirement system are likely to perform in periods when market returns are significantly above or below baseline assumed returns. The stress test analyses shall include past investment performance data for each of the foregoing State-administered retirement systems for a minimum period of 25 years, including investment returns, both gross and net of fees, and returns by asset class.
b. The Division of Pensions and Benefits shall post, on its Internet website and in the same location as other reports and analyses produced by the division, the stress test analyses required pursuant to this section.
L.2017, c.277, s.1.