New Jersey Workers Press $86 Billion Pension Fund to Divest From Palantir, Fossil Fuels, Israeli Bonds
Updated
Updated · NJ Spotlight News · Aug 3
New Jersey Workers Press $86 Billion Pension Fund to Divest From Palantir, Fossil Fuels, Israeli Bonds
1 articles · Updated · NJ Spotlight News · Aug 3
Summary
More than an hour of public testimony at a July 29 investment council meeting urged New Jersey's pension fund to weigh ethics alongside returns and sell holdings tied to Palantir, fossil fuels and Israeli government bonds.
The pressure comes even as the fund's preliminary annual return topped 14% through May, lifting assets to $85.8 billion from just under $70 billion at the end of fiscal 2024.
Palantir's stake alone exceeds $100 million, and critics said retirement security should not depend on a contractor linked to President Donald Trump's immigration crackdown.
New Jersey's 2018 ESG policy requires managers to consider environmental, social and governance risks, but Treasury officials say it does not mandate divestment from specific holdings.
Any outright ban would need action from Gov. Phil Murphy and lawmakers, and bills targeting Palantir-linked firms and fossil fuel investments have stalled in the Legislature.
Can a public pension fund balance record-breaking financial returns with growing demands to divest from controversial surveillance and fossil fuel assets?
Will the surging $513 million market for immigration surveillance tech force public institutions to prioritize ethical investments over financial gains?