Bill > S1323

Introduced Session

This bill requires the State Investment Council to file a quarterly report comparing the returns of investments that private money managers and Department of the Treasury employees achieved for the State public employee retirement funds and the State of New Jersey Cash Management Fund. The report must also include the council's recommendation as to the continued delegation of investment decisions for the funds to external managers and as to the continued placement of those funds in commodities, hedge funds, private equity, real estate or any asset class other than bonds and public equities. Current law requires the State Investment Council and the Division of Investment in the Department of the Treasury to prepare monthly and annual reports on the division's operations and investment practices. These reports, however, do not disclose the performance of external money managers relative to that of division employees. Yet that information is of interest to the general public considering that the division paid $209.2 million in fees and expenses to investment firms in Fiscal Year 2012. By requiring the division to publish the performance data of private money managers, this bill will allow for a more incisive assessment of the merits of outsourcing the management of parts of the portfolios under the division's auspices.

Committee Categories

Shirley Turner (D)*, 

Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee (on 02/11/2016)