TRENTON – Legislation sponsored by Senator Troy Singleton and Senator Raj Mukherji to establish the “New Jersey Veterans Assistance Trust” advanced in the Senate Military and Veterans’ Affairs Committee.

The bill, S-3215, would create the “New Jersey Veterans Assistance Trust” within the Department of Veterans Affairs to provide monetary and other assistance to veterans, their families, and public and private programs that support veterans and their families.

“Our veterans answered the call to serve our nation. We have a responsibility to ensure that when their service ends, they have access to the support and opportunities they have earned,” said Senator Singleton (D-Burlington). “The Veterans Assistance Trust will create a structured, accountable way to leverage partnerships, private investment, and charitable giving to strengthen services for veterans and their families across New Jersey.”

The trust would be administered by a 13-member board of trustees, comprised of State officials, legislative appointees, and public members representing veterans service organizations, nonprofits serving veterans, and the business community. Gubernatorial appointees would be required to represent northern, central, and southern regions of the State to ensure geographic balance.

Under the legislation, the trust would have the authority to solicit and accept gifts, grants, and endowments; make grants or loans to veterans and veteran-serving organizations; develop sponsored projects with corporate and private partners; enter into contracts; acquire and convey property; and invest reserve funds in investment-grade United States debt or equities consistent with State pension standards. The trust would be required to maintain a credit rating of at least AA and submit an annual report to the Governor and Legislature detailing its activities, finances, and recommendations.

“New Jersey’s veteran community is diverse, and so are the challenges they face, from housing and employment to health care and emergency financial needs,” said Senator Mukherji (D-Hudson). “This trust provides a flexible and transparent mechanism to supplement existing programs, build long-term financial stability for veteran services, and ensure that additional resources can be deployed where they are needed most.”

Funding for veterans' services has been impacted by the recent bifurcation of the Department of Military and Veterans Affairs, creating a renewed need to expand long-term, sustainable funding streams. Supporters of the legislation note that the trust would not increase State expenditures but would instead provide a responsible framework for managing donations, partnerships, and other assets dedicated to serving New Jersey veterans.

Several states, including Pennsylvania, Delaware, Iowa, Maryland, Michigan, and Missouri, operate comparable veterans’ assistance trust funds or temporary financial assistance programs.