New Jersey Statutes Title 52. State Government, Departments and Officers 52 § 18A-85

The functions, powers and duties vested by law in the following enumerated agencies:

The Board of Trustees of the Public Employees' Retirement System;  the Board of Trustees of the State Police Retirement System;  the Prison Officers' Pension Commission;  the Board of Trustees of the Teachers' Pension and Annuity Fund;   and the Consolidated Police and Firemen's Pension Fund Commission;  of, or relating to, investment or reinvestment of moneys of, and purchase, sale or exchange of any investments or securities of or for any funds or accounts under the control and management of such agencies, are hereby transferred to and shall be exercised and performed for such agencies by the Director of the Division of Investment established hereunder.  Notwithstanding this provision, the Board of Trustees of the Police and Firemen's Retirement System shall have the authority to direct investment policy.  The purchase, sale or exchange of any investments or securities under the control and management of the Board of Trustees of the Police and Firemen's Retirement System shall be exercised and performed by the Director of the Division of Investment.  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.  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.).