A pension plan that pays retired teachers $1,400 a month and pension payments to retirees and their families is worth $4.3 billion, with nearly half of the cash coming from New Jersey pension plans, according to the latest data from the state.NJ Teachers Pension Authority (NJPTPA), a joint venture between the state and the New Jersey Public Employees Retirement System (NJPSERS), said the pension plan had a net assets of $1 billion and an overall value of $4,402 million as of Dec. 31.
The plan has been in operation for nearly 20 years, with the state’s share of its $11.7 billion in total assets, the state said.
The NJPTPA had assets in excess of $5.7 million at the end of 2016, the NJPSERS said in a statement.
It also has $1 million in cash, $1 in stock and $300,000 in cash equivalents.
The $1-billion figure was adjusted from $4 billion in assets in the NJPTPS pension plan and $1 for each retired employee.
In 2018, the plan paid $1 per retired employee in total, or about $400 per year.NJPSER said the NJPTA plan is funded with a $5 billion bond, which it has said will pay $600 billion over the life of the plan.
The bond was issued in March 2018.
The NJPTPPA was set up by Gov.
Chris Christie and other New Jersey officials in 2013, but the plan has since been used to pay retirees and other employees.
NJPSER has been on a $1 trillion-plus bond-bond binge, using the funds to pay for new schools, infrastructure projects and other state services.
The state has also invested about $1-$1.5 billion in the plan over the past decade, but has spent more than $5 to $8 billion.