New Jersey Division of Investment, Trenton, may hire a consultant to...

New Jersey Division of Investment, Trenton, may hire a consultant to study the way the division invests its assets and, officials hope, learn why the seven state retirement plans collectively lost some $20 billion over the past two years, state Treasurer John McCormac said. Currently the plans' assets, totaling $73 billion, are managed internally under the direction of a state investment council. Tom Vincz, Treasurer's office spokesman, said Mr. McCormac and Gov. James E. McGreevey are concerned about the losses and want a study to help point to solutions, including possibly hiring outside managers.