Workers, retirees among those urging NJ pension to look beyond the bottom line

August 3, 2026 | njspotlightnews.org

Winning investments are lifting the value of the pension fund for hundreds of thousands of New Jersey public workers, but not everyone is happy with exactly how fund managers are generating strong returns.

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NJ SEED: New Jersey state law imposes a clear, explicit fiduciary duty on public pension trustees. The strongest and most direct statement appears in N.J. Stat. § 43:16A-13, which governs the Police and Firemen’s Retirement System (PFRS). “The board shall act exclusively on behalf of the contributing employers, active members of the retirement system, and retired members as the fiduciary of the system. Furthermore, the law states, “The primary obligation of the board shall be to direct policies and investments to achieve and maintain the full funding and continuation of the retirement system for the exclusive benefit of its members.” It is generally considered wise NOT to impose politics on pension trustees, although there have been exceptions.