New Jersey's Pension Fund Gained 1.7% in October as Stock Investments Rose
New Jersey’s pension fund for retired teachers and government workers gained 1.7 percent in October, according to a report presented to the State Investment Council today.
The value of the fund rose to $71 billion as of Oct. 31 from $70.2 billion as of Sept. 30, according to the report from Timothy Walsh, director of New Jersey’s Division of Investment. For the fiscal year that started July 1, the fund has gained 9.5 percent, according to the report.
"The fund’s had a good fiscal year,’’ Walsh told council members. “It’s a great start."
During the month, U.S. equities returned 4 percent and international stocks gained 3 percent, according to the report.
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 that 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.
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