"New Jersey Infrastructure Capital Asset Reassignment Enterprise Fund Act"; creates trust fund for conveyance of certain assets for benefit of State-administered retirement systems; appropriates $20 million.

New Jersey's Infrastructure Capital Asset Reassignment Enterprise Fund (ICARE) Act establishes a trust fund that allows public entities like municipalities, counties, and school districts to transfer revenue-producing infrastructure assets to the fund. The fund will manage these assets to maximize their long-term value, with the proceeds increasing the pension funded ratios for State-administered retirement systems. The bill appropriates $20 million for the fund's operating expenses and creates a governing board to oversee administration, with the fund's assets maintained separately from other state funds.