New Jersey Pension Crisis
Jarrett Renshaw, “Christie’s overhaul may not save N.J. pension system,” nj.com, Oct. 23, 2011. Author explains why the governor’s overhaul of public-employee pensions will not prevent pension obligations from outstripping state’s capacity to pay them.
“Getting an Accurate Picture of State Pension Liabilities”
- Explains that states are underestimating their unfunded pension
liabilities by projecting unrealistically high rates of return on
pension-fund assets.
Eileen Norcross and Andrew Biggs, “The
Crisis in Public Sector Pension Plans: a Blueprint for Reform in New
Jersey,” Mercatus Center, George Mason Univ., June 2010. http://mercatus.org/sites/default/files/publication/WP1031-%20NJ%20Pensions.pdf
“The Crisis in Public Sector Pension Plans: a Blueprint for Reform in New Jersey”: - Examines the causes and scope of New Jersey’s public-pension crisis and proposes several measures to solve it.
U.S. Sec. & Exchange Comm., “SEC Charges State of New Jersey for Fraudulent Municipal Bond Offerings,”
press release, Aug. 18, 2010. Government files formal charge that
between August 2001 and April 2007, New Jersey engaged in securities
fraud in the sale of $26 billion of municipal bonds by creating an
impression that two of its public-pension funds were being adequately
funded.
T. Dopp, Bloomberg, “New Jersey’s Pending-Funding Deficit Climbs More than 17% to $53.9 Billion,” Dec. 23, 2010. Author reports that New Jersey’s public-pension funding deficit increased by more than 17% in 2010.