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NJ S1115
Bill
Status
1/9/2024
Primary Sponsor
John McKeon
Click for details
AI Summary
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Prohibits New Jersey pension and annuity funds managed by the Division of Investment from investing in companies with equity ties to manufacturers, importers, or sellers of assault firearms for civilian use
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Exempts companies that exclusively manufacture, import, or sell assault firearms to official military organizations and law enforcement agencies
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Requires the State Investment Council and Division of Investment to divest any prohibited investments within three years of the bill's effective date
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Mandates the Division of Investment to file a report within 60 days identifying all violating investments, with annual progress reports thereafter
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Provides indemnification for State Investment Council members and state officers/employees from all claims, damages, and legal costs arising from investment decisions made pursuant to this act
Legislative Description
Prohibits investment by State of pension and annuity funds in companies manufacturing, importing, and selling assault firearms for civilian use.
State Government, Wagering, Tourism & Historic Preservation
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee
1/9/2024