July 28, 2022 | njspotlightnews.org
Volatile financial markets continue to upset the bottom line for New Jersey’s public-worker pension fund, all while Gov. Phil Murphy and lawmakers have been working to bolster state contributions.
The latest preliminary figures for the more than $90 billion pension fund indicate investment returns were running in negative territory through the end of May, echoing struggles that many private investors have been facing this year as markets have tumbled.
NJ SEED: The health of NJ’s public employee pension fund is of continuing interest not only to those who look to it for security after retirement but also for the taxpayers who provide a substantial portion of the financing. Since the fund went belly-up during the Great Depression, NJ’s pension system has been very carefully, and responsibility managed. With the governor and legislature continuing to do the job of funding the system, it will likely ride out the current storm.