>Fitch: Underfunded NJ pensions to continue
Fitch Ratings said in a report issued today that New Jersey’s pension liability will likely continue to grow in the coming years because the state has no plans to fully fund the plan for another six years.
The ratings agency said the pension deificit stands at $41.8 billion, while the budget for the fiscal year ending June 30 funds just 14 percent of the actuarial requirement, or about $2.9 billion less than the actuarially required amount. Those numbers take into account the sweeping overhaul of the pension system enacted last year. (Isherwood, PolitickerNJ)
