43:23-19 Duties of board, trustee, agents.
160 words·~1 min read·
/nj/title-43/chapter-23/43-23-19A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
7. The board, the individual members of the board, the trustee appointed under subsection b. of section 8 of this act, any other agents appointed or engaged by the board, and all persons serving as program staff shall discharge their duties with respect to the program solely in the interest of the program's enrollees and beneficiaries as follows:
a. By investing with the care, skill, prudence, and diligence under the prevailing circumstances that a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an enterprise of a similar character and with similar aims; and
b. By using any contributions paid by employees directly and through participating employers pursuant to automatic payroll deductions and contributions into the fund exclusively for the purpose of paying benefits to the enrollees of the program, for the cost of administration of the program, and for investments made for the benefit of the program.
L.2019, c.56, s.7.