Bill > A997

Introduced Session

This bill would prohibit the investment of New Jersey public employee retirement funds in any business, country, or country's instrumentality, or a business affiliate, that avoids its Superfund obligations to the State by rendering itself incapable of fulfilling its responsibilities for a Superfund site for which it has been identified as a responsible party. The bill prohibits the investment of New Jersey public employee retirement funds in any business, country, or country's instrumentality, or business affiliate, if identified as a responsible party by the United States Environmental Protection Agency, in accordance with the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), 42 U.S.C. s.9601 et seq., 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, in whole or in part, for a Superfund site in the State for which it has been identified as a responsible party. This would apply 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. Lastly, the bill provides the Director of Division of Investment 180 days from the effective date of the bill to file with the Legislature a report of all investments held in violation of the bill.

AI Summary

Committee Categories

Gordon Johnson (D)*,  Nancy Pinkin (D)*,  Kevin Rooney (R)*,  Gary Schaer (D)*,  Herbert Conaway (D),  BettyLou DeCroce (R),  Thomas Giblin (D),  Parker Space (R),  Harold Wirths (R), 

Substituted by S1208 (1R) (on 06/25/2018)