TRENTON — New Jersey’s pension fund for retired teachers and government workers gained 8.3 percent for the fiscal first quarter ended Sept. 30, according to a report presented to the State Investment Council today. The value of the fund rose to $70.2 billion, its highest in two years, according to state records and the report from Timothy Walsh, director...
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State Treasurer Andrew Sidamon-Eristoff at the State House in this May 2010 photo.TRENTON — New Jersey’s pension fund for retired teachers and government workers gained 8.3 percent for the fiscal first quarter ended Sept. 30, according to a report presented to the State Investment Council today.
The value of the fund rose to $70.2 billion, its highest in two years, according to state records and the report from Timothy Walsh, director of New Jersey’s Division of Investment.
For September, the fund realized investment gains of 4.2 percent. U.S. equities returned 9.4 percent, international stocks gained 9.3 percent and domestic fixed income was down 0.14 percent, according to the report.
“The world markets could be characterized for September with two words, ‘nervous ebullience,’" the report said. ‘‘On the two-year anniversary of the start of the world equity and credit market crash, the S&P 500 had its best September since 1939.’’
The state Treasury’s Investment Division manages money for New Jersey’s seven pension plans, which provide benefits to 728,000 working and retired teachers, police officers and government employees.
Through June 30, 2009, actuaries calculated the pension system was underfunded by $46 billion. It had 66 percent of the assets needed to fund promised benefits, according to data compiled by Bloomberg.
Previous coverage:
• Complete coverage of the 2010 New Jersey State Budget
• Gov. Christie blames delay of N.J. pension, education, tax overhaul on Democrats
&bulll; Consultants say pension fund should be invested in private equity, real estate to boost returns
• N.J. treasurer says public worker pension reforms are a step toward recovery
• Gov. Christie outlines cuts to N.J. workers' pension, benefits
• Proposed New Jersey public employees pensions, benefits changes
• Gov. Christie proposes pension, benefits changes for public workers
