New Jersey § 52:18a-83

§ 52:18a-83.

a. There is hereby established in the Division of Investment a State Investment Council

which shall consist of 16 members. (1) Each of the following agencies, namely, the Board of Trustees of the Public Employees'

Retirement System, and the Board of Trustees of the Teachers' Pension and Annuity

Fund, shall designate one board member elected to serve on the board, to serve as

a member of the State Investment Council herein established. The Chief Justice of the New Jersey Supreme Court shall designate one member of the

Retired Judges Association of New Jersey to serve as a member of the State Investment

Council herein established. The three members of the council so designated shall serve as such for a period of three years

from the date of their designation and until their respective successors are in like

manner designated. (2) Eight of the members of the State Investment Council shall be appointed by the

Governor, with the advice and consent of the Senate, for a term of five years and

shall serve until the member's successor is appointed and has qualified. Of the initial members appointed following the effective date of P.L.2011, c. 78 , one shall serve for an initial period of three years, and one shall serve for an

initial period of two years. (3) One member of the State Investment Council shall be appointed by the Governor

from among three persons nominated jointly by the President of the Senate and the

Speaker of the General Assembly and shall serve for a term of five years and until

the member's successor is appointed and has qualified. (4) Two members of the State Investment Council shall be appointed by the Governor

from among six persons nominated by the Public Employee Committee of the New Jersey

State AFL-CIO and shall serve for a term of five years and until the member's successor

is appointed and has qualified. If the persons nominated are not acceptable to the Governor for appointment, the

Governor may request submission of new nominees. (5) One member of the State Investment Council shall be appointed by the Governor

from among three persons nominated by the New Jersey Education Association and shall

serve for a term of three years and until the member's successor is appointed and

has qualified. If the persons nominated are not acceptable to the Governor for appointment, the

Governor may request submission of new nominees. (6) One member of the State Investment Council shall be appointed by the Governor

from among three persons nominated by the State Troopers Fraternal Association and

shall serve for a term of three years and until the member's successor is appointed

and has qualified. If the persons nominated are not acceptable to the Governor for appointment, the

Governor may request submission of new nominees. The four members appointed pursuant to paragraphs (4), (5) and (6) of this subsection

by the Governor to the council shall be qualified by training, experience or long-term

interest in the direct management, analysis, supervision or investment of assets,

and this training, experience or long-term interest shall have been supplemented by

academic training in the fields of economics, business, law, finance or actuarial

science or by actual employment in those fields. At least seven of the nine members appointed pursuant to paragraphs (2) and (3) of

this subsection by the Governor to the council shall be qualified by training and

experience in the direct management, analysis, supervision or investment of assets,

which training and experience shall have been acquired through academic training or

through actual employment in those fields. b. No member of the State Investment Council shall hold any office, position or employment

in any political party nor shall any such member benefit directly or indirectly from

any transaction made by the Director of the Division of Investment provided for herein. The members of the council shall elect annually from their number a chairman of such

council. Any member of the council so elected shall serve as such chairman for a term of

one year and until a successor is, in like manner, elected. The chairman of the council shall be its presiding officer. The members of the council shall serve without compensation but shall be reimbursed

for necessary expenses incurred in the performance of their duties as approved by

the chairman of the council. The members of the council shall be required to file the same annual financial disclosure

statements as those required to be filed by members of other State boards and commissions

who are not compensated for their services, as such statements shall be required by

law or executive order of the Governor. The financial disclosure statements of council members shall be made available to

the public in the same manner as the statements of members of other State boards and

commissions are made available to the public. Each member of the council, except the member appointed from among persons nominated

by the President of the Senate and the Speaker of the General Assembly, may be removed

from office by the Governor, for cause, upon notice and opportunity to be heard at

a public hearing. Any vacancy in the membership of the council occurring other than by expiration

of term shall be filled in the same manner as the original appointment, but for the

unexpired term only. c. The terms of the members of the council serving pursuant to paragraph (1) of subsection

a. of this section and serving on the effective date of P.L.2011, c. 78 are terminated as of that effective date. A member terminated pursuant to this subsection shall be eligible for reappointment.