New Jersey Statutes Title 52. State Government, Departments and Officers 52 § 18A-166

The plan shall designate the Division of Investment, as constituted by P.L.1950, c. 270, (C. 52:18A-79 et seq.) as amended and supplemented from time to time, as the named fiduciary for the investment of funds under the plan and shall provide for such investment options as may be determined by the board, which may include but are not limited to group annuity programs, savings accounts, life insurance contracts, mutual funds, equities or bonds, provided said investments are made and administered in accordance with section 5 of this act;  1 are authorized or approved for investment by the regulations of the State Investment Council; and are legal investments for fiduciaries of trust estates in this State.