LAMBERTVILLE - With the recent S&P downgrade, many are concerned about their retirement plans. If your retirement funds are tied up in a pension, you don't get much control. However, according to the state treasurer's office, you can rest easy.
Treasury spokesperson Andrew Pratt tells News 12 New Jersey, "We're not just in stocks, and we have diversified our portfolio enough that these market swings are not nearly as catastrophic to the pension fund as they were in say 2002."
In 2002, the state lost about $30 billion from the pension fund. It's too early to tell the effect of this recent bump, but the treasurer says real estate, hedge funds and private investment not tied to the market will make sure the pension continues to grow.