Prohibits investment by State of pension and annuity funds in hedge funds and derivative contracts.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill prohibits the State of New Jersey’s pension and annuity funds from investing in hedge funds and derivative contracts. It amends existing law to specifically exclude these investments from the portfolio management options available to the Division of Investment. The bill aims to reduce risk associated with these investments, following concerns raised after the 2008 financial crisis. It also establishes a timeline for divesting existing investments and requires ongoing reporting on the implementation of the new restrictions.
Bill text
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Document of record
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1 on record
Primary sponsor
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