NJ·Bill·2022-2023 Regular Session
S 2701
Prohibits investment by State of pension and annuity funds in, and requires divestment from, companies involved in production or maintenance of nuclear weapons.
Introduced 2022-05-19Last action 2022-05-19 — Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee
Sponsor
Zwicker, Andrew
Cosponsors
None⚫
Died in Senate committee
The 2022-2023 Regular Session ended on 2023-12-31. This bill was introduced when the session adjourned and did not advance to enactment.
Legislative Progress
✗
Introduced
2
In Committee
3
Passed Chamber
4
Enacted / Signed
Summary
This bill prohibits New Jersey's state pension and annuity funds from investing in any companies involved in the production or maintenance of nuclear weapons, including their subsidiaries, affiliates, or parent companies. The legislation requires the Division of Investment to divest from any such existing holdings within two years of the bill's effective date, while adhering to sound investment criteria and fiduciary obligations. The State Investment Council and Division Director must identify affected companies within 120 days and submit annual reports to the Governor and Legislature detailing divestment progress, with state officials involved in these investment decisions receiving legal indemnification for actions taken in compliance with the law.
Note
Historical import. Session: 220
Full Bill Text
https://pub.njleg.state.nj.us/Bills/2022/S3000/2701_I1.PDF