Senator Kip Bateman’s bill that would give the Judicial Retirement System a representative on the State Investment Council cleared the Senate.
Sen. Kip Bateman’s bill would give the Judicial Retirement System a representative on the State Investment Council, increasing the membership to 16. (SenateNJ.com)
“The judicial system 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,” said Bateman (R-16). “It just makes sense for the judiciary to have a seat at the table. Transparency and accountability is essential, especially now with so much pressure for the investments to meet or exceed market performance.”
Bateman’s bill (S3871) would increase the council to 16 members with the addition of a board of trustees member from the JRS. The council includes one member each from the boards of the Public Employees’ Retirement System and the Teachers’ Pension and Annuity Fund.
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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