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  • NJ A2823
  • Allows local government deferred compensation plans to invest in collective investment trusts.
Introduced
(2/16/2016)
In Committee
(12/15/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill adds collective investment trusts to the list of the kinds of investments permitted for municipal, county, or local authority deferred compensation plans. Currently these plans are allowed to invest in (1) fixed or variable life insurance contracts, (2) individual or group, fixed or variable annuity contracts, (3) mutual fund shares, (4) interest bearing accounts or securities in which savings banks of this State are authorized to invest their funds, and (5) the State of New Jersey Cash Management Fund. A collective investment trust is a trust administered by a bank or trust company that combines assets for multiple investors. Its trustees are considered fiduciaries under the Employees Retirement Income Security Act (ERISA). Collective investment trusts are regulated by the Office of the Comptroller of the Currency and subject to oversight by the Internal Revenue Service. In contrast, mutual funds are regulated by the Securities and Exchange Commission.
2nd Reading in the Assembly
Reported out of Assembly Committee, 2nd Reading  (on 12/15/2016)
 
 

Date Chamber Action Description
12/15/2016 A Reported out of Assembly Committee, 2nd Reading
12/15/2016 Assembly State and Local Government Hearing (14:00 12/15/2016 Committee Room 13, 4th Floor)
2/16/2016 A Introduced, Referred to Assembly State and Local Government Committee
Date Motion Yea Nay Other
Detail 12/15/2016 Assembly State and Local Government Committee: Reported Favorably 5 0 0