It was supposed to be another staid meeting of the board that oversees New Jersey’s $71 billion public-employee pension system. It ended with a dramatic deadlocked vote on a key policy issue — how heavily pension assets should be invested in hedge funds — and an equally dramatic threat from one veteran board member to immediately tender his resignation. John Reitmeyer, NJ Spotligh Read more
Wait, the fund has only $71bn? It pays out more than $8bn in pension checks every year, and recent stock market returns and bond yields haven’t met their assumed rate of return 7.95%. Sounds like fuzzy math.