New Jersey S2487 prohibits state pension and annuity funds from investing in tobacco product manufacturers or distributors.
New Jersey S2487 prohibits the state from investing pension and annuity funds in companies that manufacture or distribute tobacco products. The bill mandates the divestment of existing investments within three years of its effective date. The Director of the Division of Investment must file periodic reports with the Legislature detailing the progress of divestment and analyzing the fiscal impact on affected funds. The purpose is to prevent public pension funds from supporting the tobacco industry.
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