Tag: John Reitmeyer

Treasury reveals pension fund still holds stake in gunmaker

Mary Pat Campbell
Treasury reveals pension fund still holds stake in gunmaker

Excerpt:

New Jersey’s public-worker pension fund continues to own a small stake in a company that manufacturers firearms, several years after Gov. Phil Murphy and lawmakers first raised concerns about public investments in the gun industry.

As of earlier this month, the pension fund owned shares worth an estimated $28 million in a company that, among other products, specializes in making custom sporting shotguns and rifles, according to the latest information provided by the Department of Treasury.

However, the overall $85 billion worker-pension fund has cut ties in recent years with a manufacturer of firearms ammunition, which had been its only other direct link to the firearms industry, Treasury officials confirmed.

Author(s): John Reitmeyer

Publication Date: 26 April 2021

Publication Site: NJ Spotlight News

Murphy’s promise of full public-worker pension payment breaks 25 years of underfunding

Mary Pat Campbell
Murphy’s promise of full public-worker pension payment breaks 25 years of underfunding

Excerpt:

In addition to helping improve the long-term health of the pension system, Treasury officials are also projecting some significant budget savings can be generated by getting to full funding a year ahead of schedule.

Those savings, which will total an estimated $860 million over the next three decades, are based on the way the state’s unfunded liability accrues over the long term, the officials said.

Murphy’s administration should also be in a good position to manage the initial step up to full pension funding, thanks to a combination of factors, including money the state borrowed last year when it was expecting significant revenue losses would be triggered by the pandemic.

Author(s): John Reitmeyer

Publication Date: 15 March 2021

Publication Site: NJ Spotlight News