- Associated Press - Thursday, March 3, 2016

TRENTON, N.J. (AP) - An annual report says New Jersey’s government worker pension fund paid about $728 million in fees to private fund managers last year.

The report indicates that outside fund managers charged the state’s pension system nearly $400 million in fees and $328 million in performance bonuses during the last fiscal year.

State AFL-CIO President Charles Wowkanech says the fees are astounding and Wall Street millionaires are becoming billionaires at the expense of middle-class workers.

During that period, the fund returned just over 4 percent. That’s ahead of its benchmark, but behind the double-digit returns in recent years. The fund’s balance dropped from $81.2 billion to $79 billion by the end of June.

Private fund managers oversee about a quarter of the investments and the rest are managed in-house.

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