NEWS

NJ Governor to support 100% fiscal-year contributions for state pension fund

By Muskan Arora

New Jersey Governor Phil Murphy plans to request 100% of the state's contribution to New Jersey Pension Plan, for the fiscal year starting July 1, as confirmed by State Treasurer Elizabeth Maher Muoio at the recent meeting.

The governor has extended his support for a full state payment, making it the fifth consecutive year that Murphy has proposed 100% of the actuarially determined contribution.

Muoio didn’t provide any details, stating that the governor will make his budget request in late February for the fiscal year starting July 1, as stated in the New Jersey State Investment Council’s meeting.

The council builds policies for the $70.15bn division of investment.

“This will be a tight budget year,” said Muoio.

For the current year, the state has contributed $7.2bn, which is a combination of general revenues and proceeds from the state lottery, which is also a pension fund asset.

The state counts on the lottery for approx. $1bn annually. For the first six months, ended Dec 1, the lottery proceeds of $516.2m were down 10.9% from the year-ago period.


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