Study: NJ teachers' pensions fund falls short

April 3, 2009 5:15:49 AM PDT
An actuarial report finds the fund to cover teacher pensions in New Jersey is at least $15 billion short.

The New Jersey Teachers' Pension and Annuity Fund was estimated at $36.6 billion as of June 30, 2008. But it would take $51.7 billion if the state had to pay pensions to all its teachers.

The gap may be about to widen because state and local governments are cash-strapped.

Lawmakers have passed a bill that would allow financially strapped towns and school districts to delay half their payments to the public employee pension system.

Gov. Jon S. Corzine originally proposed the legislation and is expected to sign it.

Information from: The Record of Bergen County, http://www.northjersey.com

Follow Action News on Twitter

Get Action News on your website

Follow Action News on Facebook

Click here to get the latest Philadelphia news and headlines from across the Delaware and Lehigh valleys.


Load Comments