Bill
Bill > S1306
NJ S1306
NJ S1306Prohibits State from investing pension and annuity funds in manufacturers or wholesale distributors of tobacco products.
summary
Introduced
02/10/2020
02/10/2020
In Committee
02/10/2020
02/10/2020
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill prohibits the investment of the assets of any public pension or annuity fund under the jurisdiction of the Division of Investment in the stocks, securities, or other obligations of any corporation or other entity engaged in the manufacture or wholesale distribution of tobacco products. The bill provides that existing investments in such businesses shall be divested within three years of the bill's effective date. It also requires the Director of the Division of Investment to file periodic reports with the Legislature which will describe the progress made in divesting these assets and analyze the fiscal impact of the bill on the affected pension and annuity funds. The purpose of the bill is to prevent public pension funds from being used to support the manufacture and distribution of a product which is known to be harmful.
AI Summary
This bill prohibits the investment of public pension or annuity funds under the Division of Investment's jurisdiction in stocks, securities, or other obligations of corporations or entities engaged in the manufacture or wholesale distribution of tobacco products. It requires the divestment of existing investments in such businesses within three years of the bill's effective date. The bill also mandates the Director of the Division of Investment to file periodic reports with the Legislature on the progress of divestment and the fiscal impact on the affected pension and annuity funds. The purpose of the bill is to prevent public pension funds from supporting the manufacture and distribution of a product known to be harmful.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee (on 02/10/2020)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Document Type | Source Location |
---|---|
BillText | https://www.njleg.state.nj.us/2020/Bills/S1500/1306_I1.HTM |
Bill | https://www.njleg.state.nj.us/2020/Bills/S1500/1306_I1.PDF |
Loading...