New Jersey Pension Manager To Resign

November 13, 2002 ( - New Jersey's pension management director, Steven Kornrumpf, is expected to resign immediately, according to the Wall Street Journal.

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.