Lawmakers to peer into state's pension fund

Two New Jersey lawmakers say they want to set up a special committee to uncover why the state's pension system is in such dire straits. Republican Sens. Joe Pennacchio and Bill Baroni say whether the

News 12 Staff

Apr 28, 2009, 8:26 PM

Updated 5,564 days ago

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Two New Jersey lawmakers say they want to set up a special committee to uncover why the state's pension system is in such dire straits.
Republican Sens. Joe Pennacchio and Bill Baroni say whether the pension's financial problems are because of the economic crisis, or state mismanagement, they want subpoena power to found out how it happened.
Pennacchio and Baroni say the state's pension funds investment of $182 million in Lehman Brothers was ill-advised, and that analysts had advised to not invest in the now-bankrupt investment firm.
The Corzine administration has consistently defended its track record on pension investments and stresses New Jersey outperformed almost every state last year.


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