By Muskan Arora
New Jersey
Governor Phil Murphy plans to request 100% of the state’s contribution to New
Jersey Pension Plan, for the fiscal year starting July 1, as confirmed by State
Treasurer Elizabeth Maher Muoio at the recent meeting.
The governor
has extended his support for a full state payment, making it the fifth
consecutive year that Murphy has proposed 100% of the actuarially determined
contribution.
Muoio didn’t
provide any details, stating that the governor will make his budget request in late February for the
fiscal year starting July 1, as stated in the New Jersey State Investment
Council’s meeting.
The council
builds policies for the $70.15bn division of investment.
“This will
be a tight budget year,” said Muoio.
For the
current year, the state has contributed $7.2bn, which is a combination of
general revenues and proceeds from the state lottery, which is also a pension
fund asset.
The state
counts on the lottery for approx. $1bn annually. For the first six months,
ended Dec 1, the lottery proceeds of $516.2m were down 10.9% from the year-ago
period.
