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A2647
ASSEMBLY, No. 2647
STATE OF NEW JERSEY
222nd LEGISLATURE
�
PRE-FILED FOR INTRODUCTION IN THE 2026 SESSION
Sponsored by:
Assemblyman CHRISTOPHER P. DEPHILLIPS
District 40 (Bergen, Essex and Passaic)
SYNOPSIS
���� Adds member from Judicial Retirement System to State
Investment Council.
CURRENT VERSION OF TEXT
���� Introduced Pending Technical Review by Legislative
Counsel.
��
An Act
concerning the membership of the State Investment
Council and amending P.L.1950, c.270.
����
Be It
Enacted
by the Senate and General Assembly of
the State of New Jersey:
���� 1.��� Section 5 of P.L.1950,
c.270 (C.52:18A-83) is amended to read as follows:
���� 5.��� a.� There is hereby
established in the Division of Investment a State Investment Council which
shall consist of
[
15
]
16
members.
���� (1)� Each of the following
agencies, namely, the Board of Trustees of the Public Employees' Retirement
System, and the Board of Trustees of the Teachers' Pension and Annuity Fund,
shall designate one board member elected to serve on the board, to serve as a member
of the State Investment Council herein established.
The Chief Justice of the
New Jersey Supreme Court shall designate one board member of the Board of
Trustees of the Judicial Retirement System to serve as a member of the State
Investment Council herein established.
The�
[
two
]
three
members of the
council so designated shall serve as such for a period of three years from the
date of their designation and until their respective successors are in like
manner designated.
���� (2)� Eight of the members of
the State Investment Council shall be appointed by the Governor, with the
advice and consent of the Senate, for a term of five years and shall serve
until the member's successor is appointed and has qualified. Of the initial
members appointed following the effective date of P.L.2011, c.78, one shall
serve for an initial period of three years, and one shall serve for an initial
period of two years.
���� (3)� One member of the State
Investment Council shall be appointed by the Governor from among three persons
nominated jointly by the President of the Senate and the Speaker of the General
Assembly and shall serve for a term of five years and until the member's
successor is appointed and has qualified.
���� (4)� Two members of the State
Investment Council shall be appointed by the Governor from among six persons
nominated by the Public Employee Committee of the New Jersey State AFL-CIO and
shall serve for a term of five years and until the member's successor is appointed
and has qualified. If the persons nominated are not acceptable to the Governor
for appointment, the Governor may request submission of new nominees.
���� (5)� One member of the State
Investment Council shall be appointed by the Governor from among three persons
nominated by the New Jersey Education Association and shall serve for a term of
three years and until the member's successor is appointed and has qualified. If
the persons nominated are not acceptable to the Governor for appointment, the
Governor may request submission of new nominees.
���� (6)� One member of the State
Investment Council shall be appointed by the Governor from among three persons
nominated by the State Troopers Fraternal Association and shall serve for a
term of three years and until the member's successor is appointed and has qualified.
If the persons nominated are not acceptable to the Governor for appointment,
the Governor may request submission of new nominees.
���� The four members appointed
pursuant to paragraphs (4), (5) and (6) of this subsection by the Governor to
the council shall be qualified by training, experience or long-term interest in
the direct management, analysis, supervision or investment of assets, and this
training, experience or long-term interest shall have been supplemented by
academic training in the fields of economics, business, law, finance or
actuarial science or by actual employment in those fields.
���� At least seven of the nine
members appointed pursuant to paragraphs (2) and (3) of this subsection by the
Governor to the council shall be qualified by training and experience in the
direct management, analysis, supervision or investment of assets, which
training and experience shall have been acquired through academic training or
through actual employment in those fields.
���� b.��� No member of the State
Investment Council shall hold any office, position or employment in any
political party nor shall any such member benefit directly or indirectly from
any transaction made by the Director of the Division of Investment provided for
herein.
���� The members of the council
shall elect annually from their number a chairman of such council. Any member
of the council so elected shall serve as such chairman for a term of one year
and until a successor is, in like manner, elected. The chairman of the council
shall be its presiding officer.
���� The members of the council
shall serve without compensation but shall be reimbursed for necessary expenses
incurred in the performance of their duties as approved by the chairman of the
council. The members of the council shall be required to file the same annual
financial disclosure statements as those required to be filed by members of
other State boards and commissions who are not compensated for their services,
as such statements shall be required by law or executive order of the Governor.
The financial disclosure statements of council members shall be made available
to the public in the same manner as the statements of members of other State
boards and commissions are made available to the public.
���� Each member of the council,
except the member appointed from among persons nominated by the President of
the Senate and the Speaker of the General Assembly, may be removed from office
by the Governor, for cause, upon notice and opportunity to be heard at a public
hearing. Any vacancy in the membership of the council occurring other than by
expiration of term shall be filled in the same manner as the original
appointment, but for the unexpired term only.
���� c.��� The terms of the members
of the council serving pursuant to paragraph (1) of subsection a. of this
section and serving on the effective date of P.L.2011, c.78 are terminated as
of that effective date. A member terminated pursuant to this subsection shall
be eligible for reappointment.
(cf: P.L.2018, c.55, s.40)
���� 2.��� This act shall take
effect immediately.
STATEMENT
���� Under current law, the
membership of the State Investment Council includes one representative each
from the Board of Trustees of the Public Employees� Retirement System and the
Board of Trustees of the Teachers� Pension and Annuity Fund. This bill would
add a member to represent the Judicial Retirement System (JRS). Under the bill,
the Chief Justice of the New Jersey Supreme Court would designate one board
member of the Board of Trustees of the JRS to serve on the council. This change
would increase the council�s membership from 15 to 16 total members.
���� The State Investment Council
was created by law to formulate policies the Director of the Division of
Investment follows when investing the State�s pension funds, including JRS
funds.