Bill
Bill > S2487
NJ S2487
NJ S2487Prohibits State from investing pension and annuity funds in manufacturers or wholesale distributors of tobacco products.
summary
Introduced
02/05/2024
02/05/2024
In Committee
02/05/2024
02/05/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 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 State of New Jersey from investing any public pension or annuity fund assets, managed by the Division of Investment, in companies that manufacture or wholesale distribute tobacco products, aiming to prevent public funds from supporting a harmful industry. Existing investments in such companies must be sold off, or "divested," within three years of the bill becoming law, though this doesn't require selling investments at a loss if it's not financially prudent. The Director of the Division of Investment will be required to report to the Legislature regularly on the progress of selling these investments and the financial impact of this divestment on the pension and annuity funds.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee (on 02/05/2024)
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/2024/S2487 |
| BillText | https://pub.njleg.gov/Bills/2026/S2500/2487_I1.HTM |
| BillText | https://pub.njleg.gov/Bills/2024/S2500/2487_I1.HTM |
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