This bill amends the current law governing the State Investment Council by increasing its membership from 15 to 16 members. Specifically, it adds a representative from the Judicial Retirement System (JRS), who will be designated by the Chief Justice of the New Jersey Supreme Court. This addition aims to ensure that the interests of the JRS are represented in the council, which is responsible for formulating investment policies for the state's pension funds, including those of the JRS.

In addition to the new member from the JRS, the bill also clarifies the terms of service for the council members, stating that the three members designated by the aforementioned agencies will serve for three years. The bill maintains the existing structure of appointments, which includes members appointed by the Governor and representatives from various organizations. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 52:18A-83