SENATE STATE GOVERNMENT, WAGERING, TOURISM & HISTORIC PRESERVATION COMMITTEE

 

STATEMENT TO

 

SENATE, No. 3871

 

STATE OF NEW JERSEY

 

DATED:  NOVEMBER 18, 2019

 

      The Senate State Government, Wagering, Tourism and Historic Preservation Committee reports favorably Senate Bill No. 3871.

     Under current law, the membership of the State Investment Council includes one representative each from the Board of Trustees of the Public Employees’ Retirement System and the Board of Trustees of the Teachers’ Pension and Annuity Fund. This bill would add a member to represent the Judicial Retirement System (JRS). Under the bill, the Chief Justice of the New Jersey Supreme Court would designate one board member of the Board of Trustees of the JRS to serve on the council. This change would increase the council’s membership from 15 to 16 total members.

     The State Investment Council was created by law to formulate policies the Director of the Division of Investment follows when investing the State’s pension funds, including JRS funds.