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New Jersey's public worker pension system returns dropped to 4.16% for the fiscal year ending June 30. While higher than the 2.93% benchmark, it fell short of the 7.9% long-term assumed rate of return. The unaudited results were announced yesterday by the State Investment Council of the New Jersey Division of Investment.
However, the state has increased its stake in alternative investments, including real estate and real estate debt, which were two of the seven investment categories that exceeded the 4.16% return. [P&I]
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