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State pension funds continue to struggle
New Jersey’s pension funds are continuing to struggle because they are still digging out of the hole left by the financial crisis and, in recent months, have been hit by the market meltdown in Europe.
The funds that serve 769,000 current or former state and local government workers held a total of $67.2 billion in assets as of Dec. 31, according to figures released Thursday.
But state and local governments face a combined $41.8 billion in liabilities over the next 30 years in excess of the amount the state currently holds, actuary figures released this week show. (Method, Gannett)
