New Jersey State and Local Pensions: A Snapshot

 The below is a snapshot of the 2014 (just released) New Jersey profile as found in the Census Bureau’s Survey of Public Pensions: State- and Locally-Administered Defined Benefit Data. Other states’ data as well as a national aggregation are available here as well. NJ Treasury reports on pensions are here.
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Item New Jersey
State and Local State Local
Amount CV Amount CV
Total contributions 4,465,111 0.0 4,453,810 11,301 0.0
Employee contributions 1,966,598 0.0 1,964,317 2,281 0.0
Government contributions 2,498,513 0.0 2,489,493 9,020 0.0
State government contributions 2,489,723 0.0 2,489,493 230 0.0
Local government contributions 8,790 0.0 0 8,790 0.0
Earnings on investments (3) 2,420,017 0.0 2,408,842 11,175 0.0
Total payments 9,506,608 0.0 9,498,966 7,642 0.0
Benefits 9,277,801 0.0 9,270,793 7,008 0.0
Withdrawals 182,613 0.0 182,425 188 0.0
Other payments 46,194 0.0 45,748 446 0.0
Total cash and investment holdings 81,721,503 0.0 81,627,266 94,237 0.0
Total cash and short-term investments 41,804 0.0 33,799 8,005 0.0
Cash and demand deposits 18,398 0.0 10,516 7,882 0.0
Time, savings deposits and nonfederal short-term investments 23,406 0.0 23,283 123 0.0
Total securities 57,491,347 0.0 57,408,921 82,426 0.0
Governmental securities 7,440 0.0 0 7,440 0.0
Federal government 7,399 0.0 0 7,399 0.0
U.S. Treasury 4,016 0.0 0 4,016 0.0
Federal agency 3,383 0.0 0 3,383 0.0
State and local government 41 0.0 0 41 0.0
Nongovernmental securities 57,483,907 0.0 57,408,921 74,986 0.0
Corporate bonds 83,034 0.0 72,993 10,041 0.0
Corporate stocks 115,874 0.0 74,540 41,334 0.0
Mortgages 877,682 0.0 877,682 0 0.0
Funds held in trust 8,137 0.0 0 8,137 0.0
Foreign and international securities 54,390,995 0.0 54,377,423 13,572 0.0
Other nongovernmental securities 2,008,185 0.0 2,006,283 1,902 0.0
Total other investments 24,188,352 0.0 24,184,546 3,806 0.0
Real property 308 0.0 0 308 0.0
Miscellaneous investments 24,188,044 0.0 24,184,546 3,498 0.0
Total membership 556,063 0.0 555,280 783 0.0
Active membership 463,560 0.0 462,791 769 0.0
Inactive membership 92,503 0.0 92,489 14 0.0
Total beneficiaries receiving periodic benefit payments 299,923 0.0 299,464 459 0.0
Covered payroll 0 0.0 25,496,108 0 0.0
Pension Obligations 0 0.0 137,196,141 0 0.0
Item New Jersey
State and Local State Local
Amount CV Amount CV
(1)There are exceptions to the fiscal year rule for the state pension systems
in Alabama, Michigan, and Texas. For systems in these states, the fiscal year moves
beyond the June 30 cutoff. The data for the survey year 2014 covers the fiscal year
ending August 31, 2014 for Texas and September 30, 2014 for Alabama and Michigan.
These exceptions are made to better align the data with the Survey of State Government
Finances.
(2)The following categories are in whole numbers: Number of systems, Total membership, Active
membership, Inactive membership, and Total beneficiaries receiving periodic benefit payments.
(3)The total of “net earnings” is a calculated statistic and thus can be positive or
negative. Net earnings is the sum of earnings on investments plus gains on investments
minus losses on investments. The change made in 2002 for asset valuation from book to
market value in accordance with Statement 34 of the Governmental Accounting Standards
Board is reflected in the calculated statistics.
Effective with the 2012 survey cycle, the Annual Survey of Public Pensions: State-Administered
Defined Benefit Data revised the survey form to implement changes in asset classification. These
changes apply to the categories designated as corporate stocks, corporate bonds, federal
government securities, state and local government securities, and other securities. Federally-sponsored
agency securities are classified under federal government securities instead of corporate bonds.
Private equity, venture capital, and leverage buyouts are classified under corporate stocks instead
of other securities. Due to these changes in asset classification, there are shifts in the distribution
of assets from corporate bonds to federal government securities and from other securities to
corporate stocks. However, since investment decisions guide the distribution of assets, we
cannot calculate the exact impact that the changes in classification had on the asset distribution
for 2012. As such, for the above mentioned asset categories, any data comparisons between
data from 2012 to the present, and data prior to 2012 should be exercised with caution.
Data are released on a flow basis and replaced when revised data are available. See the
Federal, State, and Local Governments release schedule.
Source: U.S. Census Bureau, 2014 Annual Survey of Public Pensions: State-Administered Defined Benefit Data.
Notes:
Pension obligations and Covered payroll for defined benefit pension systems are only collected
at the state level.
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