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Many happy returns for NJ pension fund | NJ Spotlight News

Credit: train photos via Creative Commons under CC BY-SA 2.0
Freight train climbing hill
After plummeting at the onset of the pandemic last year, booming investment earnings have helped push the total value of pension fund assets over $90 billion, officials said Wednesday during a public meeting of the New Jersey State Investment Council.
“The results, obviously, have been very favorable,” investment council chairman Deepak Raj said during the meeting.
The potential record-setting investment performance comes as the state has been ramping up pension contributions in recent years to climb out of a huge hole created by past underfunding. It also comes after Gov. Phil Murphy’s administration resisted calls to short state pension payments amid budget problems that were triggered at the onset of the coronavirus pandemic. ....

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Big gains for NJ public-worker pension investments

Credit: (AP Photo/Mark Lennihan)
File photo: The Charging Bull statue in New York’s financial district
Investment returns for New Jersey’s public-worker pension fund have been soaring in recent months, providing some promising news nearly a year after the start of the COVID-19 pandemic triggered major losses.
Preliminary figures reviewed by members of the State Investment Council during a meeting Wednesday indicated overall investment returns totaled nearly 15% for the first half of the current fiscal year.
Those returns easily topped the pension system’s assumed rate of 7.3% for long-term investment earnings.
New Jersey’s public pension system is one of the nation’s worst-funded, and strong investment earnings can help ease potential pressure on the state budget since taxpayers help fund promised retirement benefits over the long term. ....

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