The New Jersey Division of Investment, Trenton, had a deficit of $34.4 billion as of June 30, 2008, 21% higher than a year earlier, according to an actuarial report given to the state Wednesday.
The six state pension plans the division oversees were 72.6% funded as a group vs. 76% in the previous year.
The states largest pension fund, the $56.3 billion state Public Employees Retirement System, had an unfunded liability of $5.87 billion as of June 30, up 17% from a year earlier. The funded ratio of 65.6% was down from 68.8% the previous year.
The unfunded liability for the other five state funds was a combined $4.95 billion, a 22% increase from the previous year. The funded ratio was 78.6% vs. 81.3% a year earlier.