"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.

This bill establishes the New Jersey Infrastructure Capital Asset Reassignment Enterprise Fund (ICARE), a trust fund designed to receive revenue-producing assets from public entities like municipalities, counties, and school districts. Public entities can transfer these assets to ICARE, which will manage them to increase the pension funding levels for state retirement systems. The bill appropriates $20 million to support the fund's operations and requires assets to be transferred through a formal process involving independent valuation. The key change is creating a dedicated mechanism to leverage public infrastructure assets for the benefit of public employee retirement systems.