Prohibits investment of pension and annuity funds by State in entities that avoid Superfund obligations to State
NJEA opposes A-997 (Rooney, Johnson, Schaer, Pinkin)/S-1208 (Beach, Oroho). This bill would direct the State Investment Council and the Director of the Division of Investment to identify entities that have an equity tie with a responsible party who is not in compliance with its Superfund obligations and to prohibit investment or require divestment of public pension and annuity funds by the State of New Jersey.
While NJEA recognizes the good intent of this legislation, our organization believes investment decisions should be left to the State Investment Council and made for the sole and exclusive benefit of the participants and beneficiaries of those pension systems that they oversee.
NJEA’s policy in opposition to S-3487 and other bills which serve to target the investment of pension funds, is based upon two basic principles:
For these reasons, NJEA opposes A-997/S-1208.
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