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NJ S2486
Bill
Status
2/5/2024
Primary Sponsor
Shirley Turner
Click for details
AI Summary
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Prohibits New Jersey's Division of Investment from investing any state pension or annuity fund assets in hedge funds or derivative contracts (including forwards, futures, options, and swaps)
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Requires the State Investment Council and Division of Investment Director to divest all existing hedge fund and derivative holdings within three years of the bill's enactment
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Mandates the Division of Investment Director to file a report with the Legislature within one year identifying all prohibited investments, followed by annual progress reports on divestiture
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Grants legal immunity to State Investment Council members and state officers involved in decisions to reduce or eliminate these prohibited investments
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Defines "hedge fund" as firms using absolute return strategies with leverage, performance-based fees, and non-public offerings, including those claiming exemptions under the Investment Company Act of 1940
Legislative Description
Prohibits investment by State of pension and annuity funds in hedge funds and derivative contracts.
State Government, Wagering, Tourism & Historic Preservation
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee
2/5/2024