They couldn’t have been prouder when Phil Murphy pitched a $6.8 billion pension payment for FY 2023.
“New Jersey made a $6.9 billion pension payment for the current fiscal year, marking the first time in 25 years that the state paid what it owed,” Bloomberg crowed back in March. “It was $500 million over the state’s minimum payment, its biggest-ever contribution. The last time New Jersey made a full consecutive payment was in 1996.”
Of course, investments are subject to market conditions.
New Jersey’s pension fund lost $3 billion in April and May 2022 ALONE due to ongoing market volatility.
“Markets across the board are having a hard time, and that has been the case throughout the first half of this year,” Division of Investment Director Shoaib Khan reportedly told the State Investment Council. “Unfortunately, there are very few hiding spots in these current market conditions.”
Hard to miss the irony here even if you’re blind, Save Jerseyans.
If events keep following the current trajectory? Biden’s economy might wipe out a huge chuck of Murphy’s pension investments.
Don’t expect the state workers’ unions to learn anything. That’d be asking too much!
