SENATE MILITARY AND VETERANS' AFFAIRS COMMITTEE

STATEMENT TO

SENATE, No. 3215

with committee amendments

STATE OF NEW JERSEY

DATED: FEBRUARY 19, 2026

      The Senate Military and Veterans’ Affairs Committee reports favorably and with committee amendments Senate Bill No. 3215.

      As amended by the committee, this bill establishes the “New Jersey Veterans Assistance Trust” in, but not of, the Department of Veterans Affairs 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.

      The bill, as amended, provides that the trust will be administered by a board of 13 trustees consisting of the Commissioner of the Department of Veterans Affairs, or their designee, who will serve as the chair; the Commissioner of Human Services; the Commissioner of Health; the Commissioner of Community Affairs; the Commissioner of Transportation; and the Adjutant General of the Department of Military Affairs; or their designees, who will serve ex officio; a member of the public appointed by the Governor who must be a representative of a veterans service organization; a member of the public appointed by the Governor who must be a representative of a nonprofit organization that serves veterans; a member of the public appointed by the Governor who must be a representative of the business community; one member of the General Assembly appointed by the Speaker of the General Assembly; one member of the Senate appointed by the Senate President; one member of the General Assembly appointed by the Minority Leader of the General Assembly; and one member of the Senate appointed by the Minority Leader of the Senate.  Members appointed by the Governor will represent the northern, central, and southern geographic regions of the State. 

      The bill grants the trust the power to: solicit and accept any gift, grant, legacy, or endowment; make grants or loans to veterans, families of veterans, and public or 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; develop projects for sponsorship by corporate organizations or private individuals; execute or enter into contracts; acquire, hold, improve, or convey property; sue or be sued; and take any other action as may be necessary to carry out the purposes of the trust.

      Under the bill, the trustees may invest all or a part of the monies held in reserve into investment grade US debt or US equities approved for investment by the State-administered pension systems, provided that the overall investment portfolio of the trust maintains a credit rating of at least AA.

      The bill requires the trust to submit an annual report to the Governor and the Legislature by February 1 of each year.  The report is required to include the trust’s activities, gifts and grants received, administrative costs, accounting, and the opening and closing balance of any funds held in reserve or invested for future use for the preceding calendar year.  The report also is also required to make recommendations and requests to further the purposes of the trust as necessary.

COMMITTEE AMENDMENTS:

      The committee amended the bill to make technical changes to reflect the separation of the former New Jersey Department of Military and Veterans’ Affairs into the Department of Veterans Affairs and the Department of Military Affairs. 

      The committee also amended the bill to remove the Commissioner of Labor and Workforce Development as a trustee thereby reducing the number of trustees from 14 to 13.