New Jersey Statutes Title 52. State Government, Departments and Officers 52 § 18A-89.16

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.