Requires State Investment Council to publish reports comparing returns earned by external and internal managers and requiring Council to make recommendations regarding investments.

S 1514 requires New Jersey's State Investment Council to publish quarterly reports comparing investment returns earned by external fund managers (hired by the state) versus internal managers (state employees). The reports must include recommendations on whether external managers should continue managing state funds and whether investments should expand beyond bonds/public equities into asset classes like hedge funds or real estate. The Council must also disclose fees charged by external managers (including performance-based fees) and require external managers to certify political contributions. These quarterly reports, replacing previous annual requirements, will be published on the state website and submitted to officials for transparency.