New Jersey plans to contribute $336.7 million to its public pension funds in fiscal 2006, up from $214 million in fiscal 2005, which ends June 30, according to Tom Vincz, spokesman for state Treasurer John McCormac.
Mr. Vincz said a new actuarial report on the state's $10.7 billion Public Employees' Retirement System, Trenton, determined the system's unfunded liability at $1.9 billion as of June 30, 2004, up from $1.1 billion as of June 30, 2003. The system's asset-to-liability ratio declined to 84.7% in fiscal year 2004 from 90.7%, he said.
The unfunded liability of all state and local public employee retirement funds was $2.6 billion as of June 30, 2004, Mr. Vincz added. The combined assets of the funds are $16.4 billion.
