N.J. pension fund shortfall widens by more than $8 billion
STATE HOUSE BUREAU
STATE HOUSE BUREAU
The hole in the state’s pension fund grew again this year, by more than $8 billion, a trend that continues after a decade of skipped payments and increased benefits.
The unfunded piece of the state’s pension liability — the estimated total amount needed to pay current and future state, county and municipal employees — grew by $8.05 billion between June 2009 and June 2010, according to a report released Thursday by the Department of Treasury which indicted the state has a $53.9 billion unfunded promise.
Additionally, the state has a $66.8 billion unfunded promise to future and current employees for lifetime health benefits, the report found.