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

This bill 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 specific recommendations on whether to continue using external managers and whether to invest in assets like hedge funds, private equity, or real estate (beyond bonds and public stocks). The Council must also require external managers to disclose their fees, which will be included in these public reports. These reports will be posted on the state website and submitted to state officials, replacing current annual reporting without comparative analysis. This change aims to increase transparency in how state retirement funds are managed.