Bill
Bill > A5889
NJ A5889
NJ A5889"New Jersey Infrastructure Capital Asset Reassignment Enterprise Fund Act"; creates trust fund for conveyance of certain assets for benefit of State-administered retirement systems; appropriates $20 million.
summary
Introduced
12/14/2023
12/14/2023
In Committee
12/14/2023
12/14/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
"New Jersey Infrastructure Capital Asset Reassignment Enterprise Fund Act"; creates trust fund for conveyance of certain assets for benefit of State-administered retirement systems; appropriates $20 million.
AI Summary
This bill creates the New Jersey Infrastructure Capital Asset Reassignment Enterprise Fund (ICARE), which is a trust fund that allows public entities to convey certain assets to the fund in order to increase the pension funded ratio of State-administered retirement systems. The bill establishes the rules and structure for the fund, including a board, an administrator, and a process for conducting independent valuations of assets before they are conveyed. The bill also creates a Common Pension Fund within the Division of Investment to receive the asset contributions on behalf of the retirement systems. The bill appropriates $20 million for the operating and administrative expenses of the fund.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Introduced, Referred to Assembly State and Local Government Committee (on 12/14/2023)
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/A5889 |
| BillText | https://pub.njleg.gov/Bills/2022/A6000/5889_I1.HTM |
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