Bill > A2791

Introduced Session

This bill prohibits the investment of New Jersey public employee retirement funds in any business, country, country's instrumentality, or business affiliate that avoids its Superfund obligations to the State. The bill prohibits the investment of any pension or annuity fund asset under the jurisdiction of the Division of Investment in the Department of the Treasury in any business, country, country's instrumentality, or business affiliate, if that business has been identified as a responsible party by the United States Environmental Protection Agency, in accordance with the federal Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) for a Superfund site in the State, and if that business, country or country's instrumentality filed for bankruptcy rendering it incapable of complying with its obligations with respect to a Superfund site in the State for which it has been identified as a responsible party. This prohibition applies if the bankruptcy filing is in direct anticipation of or in direct response to a finding of responsibility by the United States Environmental Protection Agency in accordance with CERCLA for a Superfund site in the State. The bill requires that divestment occur within three years of the bill's effective date or within three years of an initial identification of a business, country, or country's instrumentality that it is in violation of the bill. The bill requires the director to notify the business, country, or country's instrumentality that it is in violation of the bill, and to inform the business of the appeal process, prior to taking any action to divest prohibited investments. The bill requires the director to file a report with the Legislature of all investments held in violation of the bill within 180 days of the bill's effective date. Every year thereafter, the director is required to report on all investments divested in accordance with the bill. The bill requires the State to indemnify and hold harmless members and employees of the State Investment Council from all claims, liability, losses, and damages that council members, and State officers and employees, may sustain because of a decision to divest investments prohibited by the bill.

AI Summary

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Herbert Conaway (D)*, 

Introduced, Referred to Assembly State and Local Government Committee (on 02/28/2022)

Official Document