New Jersey's Pension Fund has reported a return of 10.74% for the fiscal year ending June 30, 2024. This figure exceeds the long-term assumed rate of return by 3.74%, according to the Treasury's Division of Investment during a meeting with the State Investment Council.
State Treasurer Elizabeth Maher Muoio stated, "The outstanding FY2024 performance results are a shining example of New Jersey’s efforts over the past seven years to right our fiscal ship and better prepare us for the future." She expressed that these results are beneficial for public employees and retirees who rely on the Pension Fund's stability.
This year's performance, combined with a record pension payment of $7.2 billion for FY2025, is expected to further bolster New Jersey’s Pension Fund. Under Governor Murphy, contributions have reached $39.9 billion, surpassing the total contributions made by previous administrations.
Shoaib Khan, Director of the Division of Investment, commented on this achievement: “We are quite pleased with the Fiscal Year 2024 returns.” He attributed part of this success to favorable economic conditions and praised the State Investment Council for their support.
The report highlighted several asset classes contributing positively: U.S. Equity yielded 23.29%; Non-U.S. Developed Market Equity achieved 11.67%; Emerging Market Equity provided 10.56%; Risk Mitigation Strategies returned 10.82%. Additionally, Private Credit generated 10.20%, while High Yield Fixed Income delivered returns of 9.83%.
It was noted by the Division that these figures are unaudited and may be subject to final audit adjustments.
