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According to the governor, the pact will result in a budgetary savings in the General Fund for each fiscal year through 2032 of between $115 and $121 million.
The two largest pension funds – the Teachers’ Retirement Fund and the State Employees’ Retirement Fund – saw their net market values grow by $1.5 billion and $1.3 billion, respectively.
After paying fees and expenses, the overall portfolio increased by more than $3 billion in value during the year.
The pension funds manage the assets for state and municipal employees, retirees and survivorships.