New Jersey’s deficit for its largest public employee pension system grew to $7.2 billion last fiscal year, a $2.7 billion increase from the previous year. To begin closing the growing gap between the state’s pension assets and what it is expected to owe retired public workers, state and local governments would have to pay $950 million to the Public Employee Retirement System this year, according to a Gannett news report, citing Janet Cranna, an actuary hired by the state.
State government is expected to make roughly half of its $459 million required contribution in the upcoming fiscal 2008 budget, likely adding to the growing pension deficit.