Prohibits State from investing pension and annuity funds in manufacturers or wholesale distributors of tobacco products.
Impact
If enacted, S2487 will require the State Investment Council and the Director of the Division of Investment to divest any existing tobacco-related investments from public pension and annuity funds within a period of no more than 36 months after the bill's effective date. Within 120 days of its enactment, the Director must also report to the legislature detailing investments that violate the new restrictions. This ongoing reporting and divestment process aims to ensure that public funds are not supporting industries detrimental to public health.
Summary
Senate Bill S2487, introduced by Senator Shirley K. Turner in New Jersey, aims to prohibit the investment of public pension and annuity funds in companies that manufacture or wholesale distribute tobacco products. The bill reflects concerns surrounding the public health implications of tobacco use and seeks to prevent state funds from supporting industries associated with harmful products. By restricting investments in such companies, the legislation aligns public investment strategies with health-oriented state policies.
Contention
The bill is likely to attract debate as it intersects with broader discussions about state financial strategies and public health priorities. Proponents argue it is a necessary move to disassociate public funds from harmful industries and to promote a healthier investment outlook. However, critics may point to concerns about the potential financial implications of divestment, arguing that this could impact the returns on pension funds. Additionally, there may be discussions regarding the extent of government involvement in investment practices and the precedent it sets for other industries.
Prohibits investment by State of pension and annuity funds in, and requires divestment from, companies involved in production or maintenance of nuclear weapons.
Prohibits investment by State of pension and annuity funds in, and requires divestment from, companies involved in production or maintenance of nuclear weapons.
Prohibits investment by State of pension and annuity funds in, and requires divestment from, companies involved in production or maintenance of nuclear weapons.
Relative to tenant and contract manufacturers of beer, wine, and liquor; allowing pharmacists to administer influenza, COVID-19, and other FDA licensed vaccines without explicit approval from the general court; and, restricting the purchase of real property on or around military installations.