November 10, 2023 | njspotlightnews.org
Photo Credit: Azam Ishaq from Pixabay
New Jersey is among a number of states that have worked hard over the last decade to repair their public-worker pension funds, including by significantly increasing taxpayer-funded contributions.
But a new report that looks closely at the condition of the nation’s state-run retirement systems suggests there’s likely still more work to be done in many U.S. states [including NJ] to ensure long-term sustainability
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NJ SEED: NJ’s public employee pension systems require substantial contributions from the state as well as government workers and their taxpayer-funded employers, plus investment returns. There are seven public pension plans covering over 815,000 members. NJ has historically fallen short of providing adequate state contributions to the public pension systems. Under the Murphy Administration significant contributions have helped close the gap. Investment returns are subject not only to market conditions but also to political restrictions on where funds may be invested. Full funding of public employee pensions is necessary, but the growing cost has an impact on all taxpayers.