New Jersey § 52:18a-89
Full text of New Jersey New Jersey Statutes § 52:18a-89, with citation guidance and answers to common questions.
§ 52:18a-89.
a. Notwithstanding any provision of law to the contrary, except section 11 of P.L.1950
c.270 ( C.52:18A-89 ), as amended, no assets of any pension or annuity fund under the jurisdiction of
the Division of Investment in the Department of the Treasury, or its successor, shall
be invested directly in a company included in the Department of the Treasury's list
created pursuant to subsection b. of section 1 of P.L.2022, c. 3 ( C.52:32-60.1 ) for engaging in prohibited activities in Russia or Belarus. b. The State Investment Council and the Director of the Division of Investment shall
take appropriate action to sell, redeem, divest, or withdraw any investment held in
violation of subsection a. of this section. Any appropriate action to sell, redeem, divest, or withdraw any investment shall
be completed not later than one year following the date that such investment is identified
as being in violation of subsection a. of this section, provided that if such sale,
redemption, divestment, or withdrawal within such one-year period would be premature
or otherwise imprudent and inconsistent with the requirements of section 11 of P.L.1950
c.270 ( C.52:18A-89 ), as amended, such sale, redemption, divestment, or withdrawal shall be completed
as soon thereafter as such requirements are met. c. Within 90 days after the effective date of P.L.2022, c. 3 ( C.52:32-60.1 et al.), 1 the Director of the Division of Investment shall file with the Legislature, pursuant
to section 2 of P.L.1991, c. 164 ( C.52:14-19.1 ), a report of all investments held as of the effective date that are in violation
of subsection a. of this section. d. State Investment Council members, jointly and individually, and State officers
and employees involved therewith, shall be indemnified and held harmless by the State
of New Jersey from all claims, demands, suits, actions, damages, judgments, costs,
charges, and expenses, including court costs and attorney's fees, and against all
liability, losses, and damages of any nature whatsoever that these State Investment
Council members, and State officers and employees, shall or may at any time sustain
by reason of any decision to restrict, reduce, or eliminate investments pursuant to
this act. 1
L.2022, c. 3, eff. March 9, 2022.
Frequently Asked Questions About New Jersey § 52:18a-89
What does New Jersey Statutes § 52:18a-89 cover?
Section 52:18a-89 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 52:18a-89?
A common citation format is "New Jersey Statutes § 52:18a-89" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 52:18a-89 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.