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Administration January 11, 2003
New Jersey Pension Manager To Resign
November 13, 2002 (PLANSPONSOR.com) - New Jersey's
pension management director, Steven Kornrumpf, is expected to
resign immediately, according to the Wall Street
Journal.
Reported by Eric Hazard
Kornrumpf has been a top manager in New Jersey’s Division of Investment and has seen New Jersey’s pension funds, at $56 billion on September 30 th , lose $20 billion over the past three years, and $6 billion in losses last quarter alone.
Earlier this month State Treasurer John McCormac told lawmakers that the 2004 budget would be significantly impacted as a result of the pension fund shortfalls.
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