The "Citizens Fund Act" establishes a trust fund in New Jersey aimed at managing the conveyance of certain revenue-generating assets from public entities to benefit public pension plans. The act defines key terms and outlines the fund's purpose, which includes reducing government burdens by allowing asset transfers that maximize performance and long-term value. The fund will operate as a separate legal entity with a dedicated fund manager and a board of five members appointed by the Governor, responsible for overseeing operations, creating bylaws, and ensuring compliance with legal standards. Additionally, the act introduces an enterprise advisory board to provide guidance to the fund board.

The bill also amends existing legislation regarding the management of assets within the Common Pension Fund and outlines procedures for municipalities to address emergent conditions related to their water and wastewater systems. It allows municipalities to convey these assets to the Citizens Fund under specific conditions, including retaining an independent financial advisor and holding public hearings. The bill emphasizes that asset conveyances must prioritize the hiring of displaced public employees and includes provisions for the approval process of contracts related to asset sales or leases. Overall, the legislation aims to enhance the management of public assets while ensuring their optimal use for the benefit of retirement system beneficiaries.

Statutes affected:
Introduced: 58:30-3, 58:30-5, 58:30-6, 58:30-7