"Citizen's Fund Act"; establishes trust fund for conveyance of certain public entity assets, as permitted, for interest of public benefit plans.

The "Citizen's Fund Act" (A5980) establishes a trust fund that allows public entities (such as municipalities, counties, and school districts) to transfer revenue-producing assets like water or wastewater systems to the fund. The fund manages these assets to maximize their long-term value, with the increased value benefiting public pension systems through certificates of trust that are credited to a Common Pension Fund. This process requires an independent valuation of assets, a transfer agreement between the public entity and the fund, and ensures assets are managed to meet safety standards while increasing pension fund assets. The fund operates as a separate legal entity with its own board, and public benefit plans cannot pay for the asset transfer costs.