New Jersey Division of Investment, Trenton, plans to issue an RFP for a consultant to study the way the division invests its funds 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. One possible outcome of the study could be hiring outside portfolio managers.
Currently the plans assets, totaling $73 billion, are managed internally under the direction of a state investment council. Tom Vincz, State Treasurers office spokesman, said Mr. McCormac and Gov. James E. McGreevey are concerned about the losses and want a study to help point to solutions.