Bill
Bill > S416
NJ S416
Prohibits investment by State of pension and annuity funds in, and requires divestment from, 200 largest publicly traded fossil fuel companies.
summary
Introduced
01/11/2022
01/11/2022
In Committee
10/06/2022
10/06/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Prohibits investment by State of pension and annuity funds in, and requires divestment from, 200 largest publicly traded fossil fuel companies.
AI Summary
This bill prohibits the State of New Jersey from investing its pension and annuity funds in the 200 largest publicly traded fossil fuel companies, as determined by their carbon content. It requires the State Investment Council and the Director of the Division of Investment to divest from such companies within 12 months, with an exception of 24 months for coal companies. The bill provides for limited circumstances where the Director can cease divestment or reinvest in fossil fuel companies to avoid a substantial reduction in the overall value of the pension and annuity funds. The bill also requires annual reporting on the progress of the divestment and any deviations from the requirements.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (13)
Bob Smith (D)*,
Richard Codey (D),
Joe Cryan (D),
Patrick Diegnan (D),
Nia Gill (D),
Vin Gopal (D),
Gordon Johnson (D),
Ronald Rice (D),
Teresa Ruiz (D),
Brian Stack (D),
Shirley Turner (D),
Joe Vitale (D),
Andrew Zwicker (D),
Last Action
Referred to Senate Budget and Appropriations Committee (on 10/06/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S416 |
| BillText | https://pub.njleg.gov/Bills/2024/S0500/416_I1.HTM |
| Fiscal Note - Fiscal Estimate 1/23/23;1R | https://pub.njleg.gov/Bills/2022/S0500/416_E1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/S0500/416_R1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/S0500/416_R1.PDF |
| Analysis - Statement SEN 10/6/22 | https://pub.njleg.gov/Bills/2022/S0500/416_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/S0500/416_I1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/S0500/416_I1.PDF |
| BillText | https://www.njleg.state.nj.us/Bills/2022/S0500/416_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/S0500/416_I1.PDF |
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