New Jersey Gov. Phil Murphy will request a 100% state contribution to the New Jersey Pension Fund, Trenton, for the fiscal year starting July 1, State Treasurer Elizabeth Maher Muoio said Jan. 29.
The governor “has indicated his support” for a full state payment, which would be the fifth consecutive fiscal year that Murphy has proposed 100% of the actuarially determined contribution, Muoio said in brief comments to the New Jersey State Investment Council. The council formulates policies for the Division of Investment, which manages investments for the $70.15 billion New Jersey Pension Fund.
Muoio didn’t provide details, noting that the governor will make his budget request in late February for the fiscal year starting July 1.
“This will be a tight budget year,” Muoio said.
For the current fiscal year, the state has contributed $7.2 billion — the fourth consecutive 100% payment — which is a combination of general revenues and proceeds from the state lottery, which is a pension fund asset. The state counts on the lottery for approximately $1 billion annually for the pension system payment.
For the first six months ended Dec. 31, lottery proceeds of $516.2 million were down 10.9% from the year-ago period. Total revenue — a combination of general revenue plus state sales tax, income tax and casino revenue — was $18.61 billion, up 2.4% from the year-ago period.
