Sponsored by:
SSenator TROY SINGLETON
District 7 (Burlington)
Senator RAJ MUKHERJI
District 32 (Hudson)
SYNOPSIS
Establishes “New Jersey Veterans Assistance Trust.”
CURRENT VERSION OF TEXT
As reported by the Senate Military and Veterans' Affairs Committee on February 19, 2026, with amendments.
An Act establishing the “New Jersey Veterans Assistance Trust” and supplementing Title 38A of the New Jersey Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. There is hereby created and established, in but not of the Department of 1[Military and]1 Veterans Affairs, a body corporate and politic with corporate succession, to be known as the New Jersey Veterans Assistance Trust. The trust is hereby constituted an instrumentality exercising public and essential government functions, and the exercise by the trust of the powers conferred by P.L. , c. (C. ) (pending before the Legislature as this bill) shall be deemed and held to be an essential governmental function of the State.
b. The powers and duties of the New Jersey Veterans Assistance Trust shall vest in and be exercised by a board of trustees. The board of trustees shall consist of 1[14] 131 members as follows:
(1) the 1[Deputy]1 Commissioner 1[for Veterans Affairs in] of1 the Department of 1[Military and]1 Veterans Affairs, 1or a designee,1 who shall serve as the chair;
(2) the Commissioner of Human Services, or a designee, who shall serve ex officio;
(3) the Commissioner of Health, or a designee, who shall serve ex officio;
1[(4) the Commissioner of Labor and Workforce Development, or a designee, who shall serve ex officio;
(5)] (4)1 the Commissioner of Community Affairs, or a designee, who shall serve ex officio;
1[(6)] (5)1 the Commissioner of Transportation, or a designee, who shall serve ex officio;
1[(7)] (6)1 the Adjutant General of the Department of Military 1[and Veterans]1 Affairs, or a designee, who shall serve ex officio;
1[(8)] (7)1 a member of the public appointed by the Governor, who shall be a representative of a veterans service organization;
1[(9)] (8)1 a member of the public appointed by the Governor, who shall be a representative of a nonprofit organization that serves veterans;
1[(10)] (9)1 a member of the public appointed by the Governor, who shall be a representative of the business community;
1[(11)] (10)1 one member of the General Assembly appointed by the Speaker of the General Assembly;
1[(12)] (11)1 one member of the Senate appointed by the Senate President;
1[(13)] (12)1 one member of the General Assembly appointed by the Minority Leader of the General Assembly; and
1[(14)] (13)1 one member of the Senate appointed by the Minority Leader of the Senate.
Members of the public appointed by the Governor shall represent the northern, central, and southern geographic regions of the State.
c. Trustees appointed by the Governor shall serve for four-year terms provided, however, that of the first members appointed, two shall be appointed for a term of two years. Each trustee shall hold office for the term of the appointment and until a successor shall have been appointed and qualified. Trustees appointed by the Speaker of the General Assembly, the Senate President, the Minority Leader of the General Assembly, and the Minority Leader of the Senate shall serve during the two-year legislative term in which the appointment is made. A trustee shall not serve more than two terms.
d. Trustees shall serve without compensation but may be reimbursed for necessary expenses incurred in the performance of their duties. The board shall meet at the call of the chairperson at the times and places the chairperson may deem appropriate and necessary to fulfill the board’s duties, except that the board shall meet a minimum of two times per calendar year. A majority of trustees shall constitute a quorum. The Department of 1[Military and]1 Veterans Affairs shall provide staff, supplies, and office space for the board.
2. The New Jersey Veterans Assistance Trust shall have the power to:
a. solicit and accept any gift, grant, legacy, or endowment of money from the federal government, State government, local government, or any private source in furtherance of the trust;
b. maintain the fund, which shall consist of any gift, grant, legacy, or endowment provided to the trust under subsection a. of this section;
c. expend money from the fund to provide grants or loans to: veterans, families of veterans, public and private programs that support veterans and their families, or any other programs that the trust considers to be within the purpose for which the trust is established, as provided under section 3 of this act, P.L. , c. (C. );
d. develop projects for sponsorship by corporate and business organizations or private individuals;
e. make, execute, and enter into any contract or other legal instrument;
f. receive appropriations as provided in the State budget;
g. acquire, hold, use, improve, and convey property;
h. lease and maintain an office at a place within the State that the trust designates;
i. adopt bylaws for the regulation of its affairs and the conduct of its business;
j. take any other action as may be necessary to carry out the purposes of the trust without containing the consent of any department, board, or agency of the State; and
k. sue and be sued in its own name, but only to enforce contractual or similar agreements with the trust.
3. a. It shall be the sole purpose of the New Jersey Veterans Assistance Trust created under this act, P.L. , c. (C. ) (pending before the Legislature as this bill), to provide monetary and other assistance, as necessary, to veterans, families of veterans, and public and private programs that support veterans and their families, or any other programs that the trust considers to be within the purpose for which the trust is established.
b. Monies in the fund established by the trust shall only be used to:
(1) provide grants or loans in accordance with section 2 of this act;
(2) invest in accordance with section 4 of this act; and
(3) pay the costs of administering the trust through distribution to an administrative cost account in the Department of 1[Military and]1 Veterans Affairs.
c. Monies expended from the fund shall not be utilized to take the place of funding that would otherwise be appropriated to the department.
4. a. Any monies of the trust held in reserve or not required for immediate use or disbursement may be invested in bonds or other obligations of the United States, the State, the political subdivisions or units of the State, direct or indirect federal agencies, corporate bonds with a rating of BAA3/BBB, mortgage-backed and asset-backed securities with a rating of AAA, or exchange traded equity investments of corporations of the United States approved for investment by the New Jersey State-administered pension funds, except that the overall investment portfolio of the trust shall have a rating of at least AA.
b. The trust shall establish a system of financial accounting, control, audits, and reports. The trust shall, in accordance with the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), adopt rules and regulations as necessary to implement such system.
c. The books, records, and
accounts of the trust shall be subject to audit by the State.
5. On or before February 1 of each year, the trust shall annually report to the Governor, and to the Legislature pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), its activities during the preceding calendar year together with any recommendations or requests it deems appropriate to achieve the purposes of the trust. The annual report shall include: the gross amount of gifts and grants credited to the fund established by the trust, the costs of administration of the trust, a detailed accounting of the use of the funds, the opening and closing balance of any funds held in reserve or invested for future use in the preceding calendar year, and any other information that the board deems necessary.
6. This act shall take effect immediately.