Bill
Bill > A3138
NJ A3138
NJ A3138Prohibits State from investing pension and annuity funds in manufacturers or wholesale distributors of tobacco products.
summary
Introduced
03/07/2022
03/07/2022
In Committee
03/07/2022
03/07/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 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 and 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. The bill requires the Director of the Division of Investment to divest from such investments within 36 months of the bill's effective date and to file periodic reports with the Legislature detailing the progress of the divestment and its 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, Referred to Assembly State and Local Government Committee (on 03/07/2022)
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/A3138 |
| BillText | https://www.njleg.state.nj.us/Bills/2022/A3500/3138_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/A3500/3138_I1.PDF |
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