Star Ledger Reports: The state’s pension hole grew by $5.5 billion by the end of the 2011 budget year, largely because Christie followed in the tradition of his predecessors and failed to make a pension payment, an annual actuarial report on the pension funds shows.
Overall, the state has only 67 percent of the money it needs to meet its future pension obligation, and that figure is expected to worsen as the state phases in its full pension payment over the next seven years…
The state was supposed to pay about $3 billion into the pension fund this year, but will only be paying about $480 million. Next year, the state will only pay about $900 million of its $3 billion bill, records show.
