Skip to main content
MENU
Subscribe
  • Subscribe
  • Account
  • LOGIN
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE Act 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2022 Innovation Investing Conference
    • 2022 Defined Contribution East Conference
    • 2022 ESG Investing Conference
    • 2022 DC Investment Lineup Conference
    • 2022 Alternatives Investing Conference
Breadcrumb
  1. Home
  2. PENSION FUNDS
April 01, 2020 03:44 PM

New Jersey makes pension contribution despite coronavirus upheaval

Robert Steyer
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Bloomberg
    New Jersey Gov. Phil Murphy and top state legislators want to push back the current fiscal year to Sept. 30 from June 30.

    Amid the economic crisis caused by the coronavirus, New Jersey made its regularly scheduled quarterly contribution to the New Jersey Pension Fund, Trenton.

    Jennifer Sciortino, a state Treasury Department spokeswoman, confirmed Wednesday that the state made the full $684 million payment on March 31, the end of the third fiscal quarter.

    The state's commitment to the pension fund for the current fiscal year is $3.75 billion, which includes proceeds from the state lottery. The lottery has provided about $1 billion a year, easing the amount the state pays from general revenues. However, lottery revenue for the first eight months of the current fiscal year was $630 million, down 9.8% for the same period in the preceding fiscal year.

    See more of P&I's coverage of the coronavirus

    Assistant Treasurer Dini Ajmani told members of the State Investment Council on March 25 that the state remains committed to making the fourth-quarter contribution. The New Jersey Pension Fund had assets of $74.2 billion at the end of February vs. $79.7 billion at the end of December.

    A recent letter to bondholders from state Treasurer Elizabeth Maher Muoio said lottery revenue will decline. The letter also said New Jersey will suffer "precipitous declines in revenues" for the current fiscal year as well as the next fiscal year affecting revenue collections.

    This dire warning served as a background for Wednesday's announcement by Gov. Phil Murphy and top legislative leaders that they want to push back the current fiscal year-end to Sept. 30 from June 30, a concession to the need for more planning to cope with the economic impact of COVID-19.

    "As part of the whole-of-government effort that is going into fighting COVID-19, we have agreed that the state fiscal year should be extended to Sept. 30," said a joint statement by Mr. Murphy, state Senate President Steve Sweeney and state Assembly Speaker Craig Coughlin.

    "This will allow the administration and the Legislature to focus fully on leading New Jersey out of this crisis, and to allow for a robust, comprehensive, and well-informed budget process later in the year," they said.

    Changing the fiscal year requires a new law. "We are committed to working together to enact the necessary legislation and supplemental appropriations to accomplish these goals," they said.

    The state's constitution requires a balanced budget each fiscal year, and the coronavirus pandemic has created uncertainty for state forecasts not only for the rest of the current fiscal year but also the next fiscal year originally scheduled to start July 1.

    The uncertainty affects the state contributions to the pension system. Mr. Murphy in late February proposed a total state contribution — which includes lottery proceeds — of $4.6 billion for the next fiscal year.

    The governor and the two legislators also announced Wednesday that the state income tax filing deadline would be pushed back to July 15 from April 15 in harmony with the change enacted by the IRS recently.

    "The ongoing COVID-19 pandemic has caused hardships, financial strain and disruptions for many New Jerseyans and New Jersey businesses," they said.

    Related Articles
    New Jersey Pension Fund returns -13% since July
    New Jersey expects revenue declines that could affect pension contributions
    Recommended for You
    Michael Kreps
    Multiemployer plans await final PBGC aid rules
    Austin_Texas_i.jpg
    Texas County tacks on $6 million to Shine Capital commitments
    Elizabeth Burton
    Hawaii CIO to depart June 30
    OCIO, Anchor in Rough Seas
    Sponsored Content: OCIO, Anchor in Rough Seas

    Reader Poll

    May 9, 2022
    SEE MORE POLLS >
    Sponsored
    White Papers
    Are Factors a Thing of the Past?
    Q2 2022 Credit Outlook: Carry On
    Leverage does not equal risk
    Is there a mid-cap gap in your DC plan?
    Out of the Shadows: The Revolution in Shadow Accounting
    The pivotal role of fixed income markets in the ESG revolution
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    May 9, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE Act 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2022 Innovation Investing Conference
      • 2022 Defined Contribution East Conference
      • 2022 ESG Investing Conference
      • 2022 DC Investment Lineup Conference
      • 2022 Alternatives Investing Conference