NJ S604

Prohibits New Jersey pension and annuity funds from investing in any of the 200 largest publicly traded fossil fuel companies, ranked by carbon content in proven oil, gas, and coal reserves

Requires divestment from most fossil fuel companies within 12 months of enactment, with coal companies given 24 months to complete divestment

Allows the Director of Investment to halt divestment or reinvest if clear and convincing evidence shows fund assets would drop to 99.5% or less of their hypothetical value without divestment

Mandates initial reporting to the Governor, Legislature, and Attorney General within 120 days identifying targeted companies, followed by annual progress reports each February 1

Provides indemnification for State Investment Council members and state employees against all claims, damages, and legal costs arising from investment decisions made under this act