The New Jersey Pension Fund, Trenton, posted a net return of 0.82% for the nine months ended Sept. 30, below the fund's 2.83% benchmark, according to the state's division of investment, which handles investments for the pension fund.
For the 12 months ended Sept. 30, the net return was 5.58% vs. a benchmark of 7.58%, said a division report issued Wednesday during a meeting of the State Investment Council, which formulates policies for the division
The three-year annualized net return was 6.01% as of Sept. 30 vs. a benchmark of 6.95%, the report said. The five-year net return was 7.64%, vs. a benchmark of 8.49%, the 10-year net return was 7.66%, vs. a benchmark of 7.44%, and the 20-year net return was 5.45%, vs. a benchmark of 5.35%.
Total pension fund assets were $78.4 billion as of Sept. 30, the report said. However, a preliminary asset figure as of Nov. 13 was $81.2 billion, a state Department of the Treasury spokeswoman wrote in an email Wednesday.
Separately, the department Wednesday issued its monthly revenue collections report with one bright spot being state lottery proceeds, which were up 7.7% to $329 million for the four months ended Oct. 31 compared to a year-ago period.
The lottery is a key component of the state's contribution to the New Jersey Pension Fund. The state counts on the lottery to provide about $1 billion each fiscal year, but the lottery fell short during the previous fiscal year with $937 million.
For the fiscal year ending June 30, 2021, Gov. Phil Murphy's budget calls for a $4.7 billion contribution combining lottery proceeds and general revenue.
Also, the Department reported Tuesday that it had issued $4.3 billion in general obligation bonds, under the COVID-19 Emergency Borrowing Act to help cover a projected revenue due to the coronavirus.
A department news release said the true interest cost is expected to be below 1.95% for the tax-exempt bonds. The transaction was "significantly oversubscribed," the news release said.
