N.J. to slash pension investments in hedge funds that were criticized by unions

Samantha Marcus, NJ Advance Media for NJ.com

TRENTON — The State Investment Council on Wednesday agreed to slash New Jersey’s investments of public-sector pension dollars in hedge funds by more than half, responding to labor union concerns that the alternative investments aren’t paying off.

At the council’s last meeting in May, union representatives called for drastic reduction in the pension system’s hedge fund stake, from 12.5 percent to 4 percent, but the move failed on a tie vote.…

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AFT Applauds NJ Public Pension Hedge Fund Divestment

WASHINGTON— American Federation of Teachers President Randi Weingarten and AFT New Jersey state federation President Donna M. Chiera on the unanimous decision of the New Jersey State Investment Council to drop its hedge fund allocation from 12 percent to 6 percent and cut its hedge fund fee structure:
AFT President Randi Weingarten said: “Workers and the public they serve deserve to know that the trustees responsible for investing their pensions have their best interests front and center.…
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As deadline looms, what to know about N.J.’s epic pension amendment fight

By Samantha Marcus, NJ Advance Media for NJ.com

TRENTON — The New Jersey Senate has until Monday to vote to submit a proposed constitutional amendment to the fall ballot for voter approval.

Until this summer, the question was whether that ballot measure would succeed or fail. But now it’s uncertain whether it will make it to the ballot at all, as one complicated and fraught matter — public worker pensions — gets pulled into another — transportation funding.…

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NJ Senate May Delay Votes On Gas-Tax Hike, Pension Amendment

John Reitmeyer

Democratic leaders still scrambling to get enough support to override expected vetoes by Gov. Christie

Senate Budget and Appropriations Committee Chairman Paul Sarlo (D-Bergen)
The New Jersey Senate is holding its first voting session in over a month this afternoon, but legislation seeking to renew the state Transportation Trust Fund with a gas-tax hike may not make the final agenda.…

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