SENATE, No. 2467

STATE OF NEW JERSEY

215th LEGISLATURE

 

INTRODUCED JANUARY 14, 2013

 

 

Sponsored by:

Senator  NIA H. GILL

District 34 (Essex and Passaic)

Senator  LORETTA WEINBERG

District 37 (Bergen)

 

 

 

 

SYNOPSIS

     Prohibits State administered pension fund investment in manufacturers of firearms prohibited in New Jersey.

 

CURRENT VERSION OF TEXT

     As introduced.

  

An Act prohibiting the investment of State administered pension funds in manufacturers of firearms prohibited in New Jersey, supplementing P.L.1950, c.270 (C.52:18A-79 et seq.).

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.  a.  Notwithstanding the provision of any law or regulation to the contrary, no asset of a pension, annuity, or other retirement fund administered by the State shall be invested in a debt or equity instrument of an entity that is engaged in the manufacturing of firearms which are prohibited for possession in New Jersey pursuant to chapter 39 of Title 2C of the New Jersey Statutes or federal law.

     b.  The State Investment Council and the Director of the Division of Investment in the Department of the Treasury shall sell, redeem, divest, or withdraw any investment held in violation of subsection a. of this section within three years of the date of enactment of this section.

     c.  (1)  No later than sixty days after the date of enactment of this section, the Director of the Division of Investment shall file with the Legislature, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), a report detailing all investments held as of the date of enactment of this section that violate subsection a. of this section. 

     (2)  Until the date that all assets held in violation of subsection a. of this section are no longer held pursuant to subsection b. of this section, the Director of the Division of Investment shall file with the Legislature, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), an annual report detailing all investments held in violation of subsection a. of this section.  The annual report shall be due on the State business day that most closely coincides with the anniversary of the date of enactment of this section.

 

     2.  This act shall take effect immediately.

 

 

STATEMENT

 

     This bill prohibits State administered pension fund investment in manufacturers of firearms prohibited in New Jersey.  The purpose of this bill is to prevent the State's pension fund investment power from supporting the production of weapons that are prohibited in the State. 

     The bill prohibits the investment of State administered pension funds into manufacturers of firearms prohibited in New Jersey.  The bill requires the State to dispose of all investments held in violation of this prohibition within three years of the date of enactment.  The bill also includes two reporting requirements:

     (i)  an initial report detailing the current investment in manufacturers of prohibited firearms that is due within 60 days of the date of enactment; and

     (ii) an annual report detailing the progress made in disposing of investments in manufacturers of prohibited firearms.

The annual reporting requirement expires upon the complete disposal of investment in manufacturers of prohibited firearms.