NJ S225

Requires the State Investment Council to publish quarterly reports (February 1, May 1, August 1, and November 1) comparing investment returns achieved by external managers versus Division of Investment employees for State-administered retirement system funds.

Mandates the Council to include recommendations in each quarterly report on whether external managers should continue to actively manage funds under the Council's supervision.

Requires the Council to recommend whether pension funds should be invested in commodities, hedge funds, private equity, real estate, or any asset class other than bonds and public equities.

Reports must compare returns in aggregate and segregated by asset class, and must be submitted to retirement system boards of trustees and posted on the Division of Pensions and Benefits website.

Amends existing law (P.L.1950, c.270) which currently requires only annual reporting of external manager returns and fees without comparing them to internal Division of Investment performance or making investment recommendations.