This bill prohibits the investment of New Jersey's public employee pension and annuity funds in any company that engages in government contracts or business operations that infringe on individuals' data privacy for the purpose of determining immigration status. Specifically, it restricts investments in companies involved in the collection or manipulation of personal data or facilitating surveillance without a warrant. The State Investment Council and the Director of the Division of Investment are tasked with contracting an independent research firm specializing in data privacy to identify such companies and are required to divest from these investments by January 1 of the second year following the bill's effective date.

Additionally, the bill mandates that the council and director submit a report within 120 days of the bill's enactment and annually thereafter, detailing the companies and funds from which divestment is required, as well as the progress made in compliance with the bill. It also includes provisions to indemnify the council members and state employees involved in the divestment process from any legal claims arising from their decisions under this legislation.