The bill establishes the "New Jersey Veterans Assistance Trust," a new entity within the Department of Military and Veterans Affairs, designed to provide financial and other forms of assistance to veterans, their families, and programs that support them. The trust will be governed by a board of 14 trustees, which includes various state commissioners and public members appointed by the Governor, representing different geographic regions and sectors. The trustees will serve without compensation but may be reimbursed for necessary expenses. The board is required to meet at least twice a year and will have the authority to solicit funds, make grants or loans, and engage in contracts to fulfill its mission.

Additionally, the trust is empowered to invest its reserve funds in approved investment-grade securities while maintaining a minimum credit rating for its overall portfolio. It must also adhere to strict financial accounting and reporting standards, including an annual report to the Governor and Legislature detailing its activities, financial status, and any recommendations for furthering its objectives. The bill emphasizes that funds from the trust cannot replace existing appropriations to the Department of Military and Veterans Affairs, ensuring that the trust's resources are supplementary to state funding.