Lawmakers examine NJ pension fund management

TRENTON, N.J. (AP) - November 24, 2008 Managers also invested $49.5 million in each of three struggling hedge funds, just under the amount that would have triggered public scrutiny.

The Senate Budget and Appropriations Committee wants to hear about current practices and future strategies concerning the fund's investment portfolio.

Gov. Jon S. Corzine on Thursday said he would ask the Legislature to allow towns and counties to defer half of their $1 billion contribution to the fund due in April. The move is meant to stave off huge property tax increases.

However, the 700,000 government employees and teachers whose pensions are tied to the fund are worried underfunding will deplete the money they are counting on for retirement.

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