With Clock Ticking, Christie Still Reviewing Fee Transparency Bill

A bill that would increase transparency around the New Jersey pension system’s investment expenses, passed in late February, still sits on Gov. Christie’s desk – and the 45-day window for Christie to sign the bill is quickly closing.

From NJ Spotlight:

The bill would require the State Investment Council, the panel that oversees the roughly $80 billion pension system, to issue detailed reports four times a year on funds handled by outside managers. The reports would have to disclose the rate and the amount of fees charged by the outside managers by asset class, including commodities, hedge funds, private equity, real estate, bonds, equities, or any other class.

The reports would be submitted to the governor, the state treasurer and the Legislature. They would also have to be posted on the state’s website.

The legislation would also extend current restrictions on state-level political contributions by investment management professionals hired by the pension system to national groups, like the Republican Governors Association and the Democratic Governors Association, and other non-state political committees.

Read the bill, officially titled S-2430, here.

The measure passed the state Senate and General Assembly by a combined vote of 76-23.

Photo by  Paul Becker via Flickr CC License