New Jersey swiftly enacted a law that removed the $200,000 salary cap imposed on the state's director of the division of investment, who serves as CIO for the New Jersey Pension Fund, Trenton.
Bills were introduced in the General Assembly and Senate on June 21, approved by both houses June 24 and signed into law June 30 by Gov. Phil Murphy. The law retains the state treasurer's role in setting a salary for the director of the division of investment.
Public pension plans throughout the country have struggled to recruit and retain financial talent because private sector employers can pay more.
Corey Amon, the former director of the division of investment, resigned June 4 to become CIO of the National Rural Electric Cooperative Association, Arlington, Va.
Shoaib Khan, deputy director of the division, will serve as acting director pending a search for a permanent director.
The New Jersey Pension Fund, Trenton, had assets of $90.7 billion as of April 30, according to the latest available data.