Pension Fund Update

Global Growth –56.56%
Income –18.45%
Real Return – 8.62%
Defensive – 14.38% 
Other –1.99%

Total Pension Fund Asset Allocation – $85.38 billion

Market value, unaudited, as of 12/31/2022.  May not reflect the current market values of some alternative investments through the period noted, due to lags in reporting under industry standards.

ASSET ALLOCATION 12/31/2022(in millions)

 Market Value ($ millions)Asset Allocation (%)
Global Growth48,292.5056.56
Real Return7,­360.058.62
ASSET ALLOCATION 12/31/2022(in millions)

The pension fund’s investment return for the 2023 fiscal year to date was 0.84%, close to the benchmark of 1.17%. 1 The investment return for the 2022 calendar year was -10.41%, underperforming the benchmark by 155 basis points.2 It is important to look at how funds have been performing in both the short and the long term. Over the past twenty years, the pension fund’s investment return was 7.40%, outperforming the benchmark of 7.20% by twenty basis points. 3 

At the annual State Investment Council (SIC) meeting, the Treasurer’s office announced that the Murphy Administration is committed to once again making the full pension contribution in the 2024 fiscal year. Including the 2023 fiscal year, the Murphy Administration has contributed $25 billion into the pension system.  This is more than the previous six governors combined have contributed.

NOTE: All reports and financial statements are posted on the Division of Investment’s website.

1 New Jersey Division of Investment, State Investment Council.  Investment Reporting Package, December 2022.  Retrieved from.

2 Ibid.

3 Ibid.