TRENTON N.J. – The Assembly unanimously voted in favor of Assemblyman Christopher DePhillip’s bill (A-5427) adding a member of the Retired Judges Association of NJ to the State Investment Council. The bill requires the Chief Justice of the New Jersey Supreme Court to designate the member of the Retired Judges Association of New Jersey.
The bill adds a member to represent the Judicial Retirement System (JRS), which will help JRS have more input over pension plans it manages for judges of the Appellate, Superior, Supreme and Tax courts.
“This bill would give the Judicial Retirement System a voice in how its members’ contributions to the pension fund are invested,” said DePhillips (R-Bergen). “The JRS members are paying into the system and for far too long their voices were being overshadowed, but now they will have a seat at the table.”
Currently, the membership of the State Investment Council includes one representative from the board of trustees of the Public Employees’ Retirement System and the Teachers’ Pension and Annuity Fund. This bill would increase the council membership from 15 to 16 total members.
The bill also passed the Senate unanimously and awaits a signature from the governor.