When the July 1, 2016 actuarial reports came out the headline on nj.com was:
Today njspotlight followed:
with this explanatory paragraph:
New actuarial calculations for New Jersey’s beleaguered public-employee pension system show an unfunded liability of near $50 billion, a staggering number for a retirement plan that’s been set up to cover roughly 780,000 current and retired government workers.
It is the total official unfunded liability for the portion of the retirement system that the state is ‘responsible’ for that is $49 billion. For the entire system it over $66 billion using the actuarial (phony) value of trust assets and over $75 billion using market value of assets and likely over $150 billion using GASB rates to value liabilities.
Yet in this next gubernatorial election candidates and the media, if they even deign to touch upon the subject, will be using that $49 billion number as if they didn’t know any better.