the staff of the Ridgewood blog
Ridgewood NJ, according to Garden State Initiative the NJ’s teachers’ pension fund (TPAF) will be bankrupt by 2029 & Public Employees’ Retirement System (PERS) by 2034.
There is a current unfunded liability of $41 billion in the TPAF & PERS pension funds for teachers and state employees that will rise to $51 billion in 2023.
This is unsustainable for New Jersey taxpayers who are facing a fiscal cliff of tax increases to pay for public employee pensions. Reform is needed. Now.