NJ’s Pension Shortfall Grows
A new report shows the retirement funds for New Jersey state troopers, local police and firefighters and public workers lost ground in the first year workers were required to pay more toward their pensions.
An actuarial report due to be released Monday shows the funds had lower than expected investment returns.
The state paid one-seventh of its contribution to the system in the fiscal year that ended June 30, 2012.
As a result, the gap between what’s in the funds and the amount that will eventually be needed to cover retirements grew for the year.
Pension changes enacted in 2011 required workers to pay more.
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