The "Citizens Fund Act" establishes a trust fund in New Jersey to manage the conveyance of certain public entity assets for the benefit of public benefit plans, such as state-administered retirement systems and pension plans. The act defines key terms related to asset management and outlines the fund's purpose, which is to enhance the financial health of public entities by allowing them to contribute or sell revenue-generating assets. The fund will operate independently, maintaining separate accounts and adhering to federal tax regulations, while ensuring that its assets are used solely for maximizing their value and supporting public benefit plans. A governing body, the Citizens Fund board, will oversee the fund's operations, with members appointed by the Governor, and will have extensive powers to manage the fund's assets.

Additionally, the bill creates a Common Pension Fund with specific provisions for asset management, including the establishment of two subaccounts: an asset holdings account and an investment account. The bill mandates independent valuation of assets before conveyance and outlines the procedures municipalities must follow when addressing emergent conditions related to their water and wastewater systems. It also modifies the petition process for public referendums on asset sales and exempts the Citizens Fund from certain qualification and proposal requirements, streamlining the asset conveyance process. Overall, the act aims to enhance the management of public assets while safeguarding the interests of public benefit plan members.

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