NJ S3467

Prohibits New Jersey pension and annuity funds from investing in any business, country, or affiliate that has been identified as a responsible party for a state Superfund site under federal CERCLA law and subsequently filed for bankruptcy to avoid cleanup obligations.

Requires the Division of Investment to divest from prohibited entities within three years, following consultation with an independent research firm and notification to the affected business of the violation and appeal process.

Mandates an initial legislative report within 180 days identifying all violating investments, followed by annual progress reports on divestment activities.

Indemnifies State Investment Council members and state employees from all claims, liability, and damages resulting from divestment decisions made under this act.

Cites the Diamond Alkali/Maxus Energy Superfund site in Newark as an example, where YPF S.A. (Argentina's state-owned oil company) placed Maxus into bankruptcy in 2016 shortly after the EPA announced $1.38 billion in remediation costs.