NEWARK — New Jersey’s pension system paid out a $1 million lump sum to retirees in 2016 and 2017, a record amount, the state’s attorney general said Thursday.
Attorney General Michael C. DeWine’s office said in a statement that the pension funds in the state of New Jersey, the largest of which are the state pension plans, were responsible for the payments.
“The payment to these retirees was approved by the New Jersey Retirement System, which is one of the nation’s largest pension funds,” DeWinne said.
The payment represents a record lump sum for New Jersey pensioners.
The pension system is responsible for most of the state funds’ assets and the rest are held by other pension funds.
DeWine said the payments were not made directly to the New York state pension funds, but were made to the state retirement plans.
The New Jersey system paid the state for a $9 million pension plan.
The amount of the payments to retired New Jersey workers is not publicly known.
The pension system said the payment was for payments that were approved by New Jersey retirement officials, who were not involved in making the payments themselves.
While the payment is unprecedented in the United States, it was made with the expectation that the payments would be approved by pension plans in New Jersey.
There are more than $16 trillion in pension funds across the country, according to the National Association of State Retirement Administrators.
The average pension fund in the U.S. has about $12,000 in assets.
In 2017, New Jersey paid out more than 5 million dollars in pension benefits, according the attorney general’s office.
The most recent payment was in December of 2017, the office said.
In a separate statement, the pension fund said it will provide a lump sum payment of $5.5 million to each of the roughly 6,000 retired New Jerseys that were covered by the payments and that will pay a $500 lump sum on top of that.