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Treasury highlights technology upgrades, pension funding gains and unclaimed-property returns
Summary
Treasury told lawmakers it has modernized business filings, launched a combined senior application (PAS-1) and is phasing in a new tax portal, while pension payments and unclaimed-property returns increased under this administration.
Treasury used its budget hearing appearance to outline a string of operational changes and program rollouts intended to modernize state services and ease access to benefits.
Officials said the division of taxation has implemented an auto-file application and launched the PAS-1 combined application in February to let seniors apply for Anchor, senior freeze and StayNJ benefits through one form. Treasury described the new integrated tax system (internally called STAR and publicly to be known as the New Jersey Tax Portal) as a major five-year modernization to replace legacy systems.
The department highlighted pension-funding progress: Division of Pensions and Benefits oversaw four consecutive years of full pension contributions and reported investment returns of about 10.74% (FY24) and 9.06% (FY23). Treasury also cited the Unclaimed Property Administrations record returns of roughly $1.47 billion since 2018 and projected about $225 million in returns for the fiscal year ending April 2025.
Treasury noted operational modernizations across registry filings and business certification services, and said its Office of Public Finance managed $16 billion in refunding bond transactions that saved approximately $1.3 billion on a net-present-value basis.
On large IT projects, Treasury staff described the NJCFS replacement effort using Oracle Fusion, currently in phase 1 (enterprise design) with an 18-to-24-month expected project timeline and about $35$40 million appropriated to date. Officials indicated they do not expect a current budget overrun but acknowledged the risks inherent in large-scale state IT replacements.
Next steps: Treasury will provide project milestones and status updates on the tax portal and NJCFS rollout, and will forward additional data on unclaimed-property outreach and program results to the committee.
