Under Governor Chris Christie, our public worker pension systems paid more than $700 million in fees to Wall Street money managers, including high-cost hedge funds that we believe are underperforming.
In 2015 alone, the New Jersey State Investment Council paid $728 million in fees and bonuses to Wall Street firms to manage less than a third of pension investments. The year before, we paid $600 million in fees and bonuses. These fees are paid from the pension fund and from investment returns.
In total, we have paid over $1.3 billion to outside managers in the fiscal years 2014 and 2015. We won't know the amount for 2016 for a few more months.
Meanwhile, hedge funds are underperforming and many state pension funds are pulling out.
Sign the petition to the NJ State Investment Council to cut back on hedge fund investments and make sure our pension is invested wisely, at lower cost, by our state workers just like us.