This bill mandates that the State of New Jersey prohibits the investment of pension and annuity funds in companies involved in the production or maintenance of nuclear weapons. Specifically, it states that no assets under the jurisdiction of the Division of Investment in the Department of the Treasury can be invested in any stock, debt, or other securities of such companies. Furthermore, the bill requires the State Investment Council and the Director of the Division of Investment to take necessary actions to divest from these companies, with a completion deadline set for January 1 of the second year following the bill's effective date.

Additionally, the bill outlines the responsibilities of the State Investment Council and the Director in identifying the companies from which divestment is required. They must submit a report within 120 days of the bill's effective date and annually on February 1 thereafter, detailing the companies involved, the investments sold or divested, and the progress made in compliance with the divestment requirements. The bill also includes provisions for indemnification of council members and state employees involved in the divestment process, protecting them from claims related to their decisions under this act.