The Judicial Retirement System would have a representative on the State Investment Council under a bill sponsored by Senator Kip Bateman and advanced today by the Senate State Government Committee.
The Judicial Retirement System, under legislation sponsored by Sen. Kip Bateman, would be represented on the State Investment Council. (SenateNJ.com)
Bateman’s bill (S3871) would increase the council to 16 members with the addition of a board of trustees member from the judicial system (JRS). The council includes one member each from the boards of the Public Employees’ Retirement System and the Teachers’ Pension and Annuity Fund.
“It just makes sense for the judiciary to have a seat at the table,” said Bateman (R-16). “JRS is one of the three major public pension systems in New Jersey, and they should have input on discussions about how the money will be invested. Transparency and accountability is essential, especially now with so much pressure on the investments to meet or exceed market performance.”
Under the bill, the Chief Justice of the New Jersey Supreme Court will designate the JRS representative.
Created by the Legislature in 1950, the State Investment Council formulates policies to be followed for investing the State’s pension funds, including the judiciary funds.
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