
By Samantha Marcus | NJ Advance Media for NJ.com
on March 29, 2017 at 4:49 PM, updated March 29, 2017 at 4:59 PM
TRENTON — After a year that saw New Jersey’s public worker pensionslose nearly a percent on their investments, state officials reported the fund posted a 8.62 percent gain since the fiscal year began in July.
The $71.6 billion pension fund, which is in the process of slashing its stake in hedge funds, in fiscal 2016 beat the long-term rate of return needed for the system to avoid piling on additional unfunded liabilities.
“It is nice to be able to report on a period that offers good news,” Tom Byrne, chairman of the State Investment Council said Wednesday, noting that the pension fund “remains prudently diversified.