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  • NJ A4704
  • Requires analyses and reporting of investment performance of pension funds; requires disclosure of fees paid to managers of certain funds in which State invests pension funds.
Introduced
(3/20/2017)
In Committee
(12/4/2017)
Crossed Over
(6/22/2017)
PassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill requires the boards of trustees of the Teachers' Pension and Annuity Fund, the Judicial Retirement System, the Public Employees' Retirement System, the Police and Firemen's Retirement System, and the State Police Retirement System to conduct and report regular stress test analyses of these State-administered retirement systems. The bill also requires the State Investment Council to report the fees charged by external managers for the investment of pension funds under the supervision of the State Investment Council. Under the bill, the Division of Pensions and Benefits must post, on its Internet website and in the same location as other reports and analyses produced by the division, the stress test analyses required by this bill. The bill requires the boards of trustees of the aforementioned retirement systems to adopt a stress testing method recommended by an organization of actuaries in accordance with generally accepted and nationally recognized actuarial standards, and approved by a majority of the actuaries of the retirement systems. The stress test analyses must provide a forward-looking projection, which considers the effects of long-term conditions and patterns of behavior of the investment market, to assess how well each of the State-administered retirement systems is likely to perform in periods where market returns are significantly above or below baseline assumed returns. Additionally, the stress test analyses must include past investment performance data for each State-administered retirement system for a period of 25 years, including investment returns, both gross and net of fees, and returns by asset class. Moreover, the bill requires that the State Investment Council issue a report listing, in the aggregate and segregated by asset class, the investment returns achieved for the State-administered retirement funds under the council's supervision by external managers. The bill requires the council, in all future contracts entered into after this bill takes effect, to compel each external manager to disclose the rate and amount of fees charged by the external manager for the investment of State-administered retirement system funds, including performance-based earnings and carried interest. The council will include these fee disclosures by the external managers in its report. The council must submit the report to the boards of trustees of each State-administered retirement system mentioned in the report and to the Division of Pensions and Benefits, which must post the report on its Internet website in the same location as other reports and analyses produced by the division.
2nd Reading in the Assembly, 2nd Reading in the Senate, Budget and Appropriations, Passed Assembly
Reported from Senate Committee, 2nd Reading  (on 12/4/2017)
 
 
Date Chamber Action Description
12/4/2017 Senate Budget and Appropriations Hearing (19:00 12/4/2017 *Revised 11/30/17 - S-848, S-1916 (1R) / A-846, S-1922 (1R) / A-)
12/4/2017 S Reported from Senate Committee, 2nd Reading
12/4/2017 Senate Budget and Appropriations Hearing (19:00 12/4/2017 S-2872 and S-3169 are pending referral. S-3554 (Sweeney/Corrado/)
12/4/2017 Senate Budget and Appropriations Hearing (19:00 12/4/2017 S-2966 / A-4573 (1R) and S-3504 are pending referral. S-3554 (Sw)
6/22/2017 S Received in the Senate, Referred to Senate Budget and Appropriations Committee
6/22/2017 A Passed by the Assembly (75-0-0)
6/19/2017 Assembly Appropriations Hearing (19:00 6/19/2017 Revised 6/16/17 - A2167 and A4586 have been added. In addition t)
6/19/2017 A Reported out of Assembly Committee, 2nd Reading
6/19/2017 Assembly Appropriations Hearing (19:00 6/19/2017 )
6/5/2017 A Reported and Referred to Assembly Appropriations Committee
6/5/2017 Assembly State and Local Government Hearing (19:00 6/5/2017 )
3/20/2017 A Introduced, Referred to Assembly State and Local Government Committee
Date Motion Yea Nay Other
Detail 12/4/2017 Senate Budget and Appropriations Committee: Reported Favorably 12 0 0
Detail 6/22/2017 Assembly Floor: Third Reading - Final Passage 75 0 5
Detail 6/19/2017 Assembly Appropriations Committee: Reported Favorably 11 0 0
Detail 6/5/2017 Assembly State and Local Government Committee: Reported Favorably 5 0 0