New Jersey’s Pension Fund Reports 10.74% Returns for FY2024

New Jersey's Pension Fund Reports 10.74% Returns for FY2024

(TRENTON) - New Jersey's Pension Fund generated a final, unaudited return of 10.74% for the 12-month period ended June 30, 2024, which is 3.74% above the long-term assumed rate of return, Treasury's Division of Investment reported during Wednesday's meeting of the State Investment Council.

"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" said State Treasurer Elizabeth Maher Muoio. "Today's results will undoubtedly be welcome news to the hundreds of thousands of public employees and retirees who depend on the good health of the Pension Fund. I'd like to thank the hardworking staff at the Division of Investment and dedicated members of the State Investment Council for their work in delivering another successful fiscal year."

This strong performance, coupled with the State's record pension payment of $7.2 billion for FY2025, will further strengthen New Jersey's Pension Fund. Contributions to the Pension Fund under Governor Murphy total $39.9 billion, or more than triple the total contributions - $12.2 billion - made by the previous six administrations combined.

"We are quite pleased with the Fiscal Year 2024 returns," said Shoaib Khan, Director of the Division of Investment. "The Pension Fund was well positioned to benefit from strong economic growth, consumer confidence and positive investor sentiment. The support and guidance from the State Investment Council is always valued as our staff works diligently to deliver strong returns for the Pension Fund."

A number of asset classes produced strong contributions, led by U.S. Equity which delivered 23.29%; Non-U.S. Developed Market Equity delivered 11.67%; Emerging Market Equity delivered 10.56%; and Risk Mitigation Strategies delivered 10.82%. Additionally, Private Credit delivered 10.20%, while High Yield Fixed Income delivered 9.83%.

The Division of Investment noted that the numbers reported are unaudited and there is a possibility of final audit adjustments.