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Murphy seeks record $44.8 billion election-year N.J. budget


Murphy seeks record $44.8 billion election-year N.J. budget
Elise Young, Bloomberg
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New Jersey Gov. Phil Murphy seeks a record $44.8 billion budget,a plan that includes one-time tax-relief payments to 760,000 households, broader eligibility for senior prescription and child-health programs, expanded free college, and down-payment assistance for first-time home buyers. Phil MurphyBloomberg photo by Angus Mordant
New Jersey Gov. Phil Murphy, D, proposed a record $44.8 billion in spending in his election-year budget, seeking no new taxes or major cuts while funding more assistance for middle-and low-income voters and the state s first full pension contribution in more than 25 years.
Many of Murphy s fiscal priorities will appeal to the public employee unions that helped get the Democrat elected in 2017. Now seeking a second term in November, Murphy is planning for one-time tax-relief payments to 760,000 households; broader eligibility for seni ....

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North Carolina Lowers Assumed Rate of Return for State Pensions to 6.5%


Investment rate cut is the third made by the state in the past four years.
The $116 billion North Carolina Retirement Systems has lowered its assumed rate of investment return for the third time in four years, cutting it by 50 basis points (bps) to 6.5% from 7% annually.
The target return had already been reduced to 7.2% from 7.25% in 2017 and again in 2018 to 7%. Prior to then, the rates had been left unchanged for nearly six decades even though the two main state pension funds the Teachers’ and State Employees’ Retirement System and the Local Government Employees’ Retirement System have, on average, underperformed their assumed rates of return over the past 20 years. In fact, the new target rate of 6.5% is still higher than the fund’s estimated 20-year return of 6.28%. ....

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