Can’t feel good to be a New Jersey state employee right now. A national report from the Pew Center on the States in Washington shows the state’s pension system is the fourth most underfunded system in the country.
The Vineland Daily Journal broke down the national and state numbers, comparing New Jersey’s system with New York’s.
New Jersey has $53.8 billion unfunded pension liability and faces $66.8 billion in unfunded liability for it retirees’ health benefits, compared with New York’s $56.3 billion.
Overall, the U.S. faces a $1.26 trillion long-term funding gap for state-run government retiree benefits.