April 25, 2017 | Number of The Day
Funding ratio of state’s public-employee pension system, lowest in nation

A new study of 230 public-worker retirement plans released by The Pew Charitable Trusts had some unhappy news for New Jersey. (The study reviewed financial data from 2015.) When comparing total assets to liabilities, the state’s public-employee pension system ranked last in the nation, with a funded-ratio of 37.5 percent. Kentucky, at 37.8 percent, and Illinois, at 40.2 percent, were in the bottom three.

The new rankings from Pew follow a similar analysis conducted last year by Bloomberg, which also labeled New Jersey’s pension system the nation’s worst-funded. 

The pension system covers the retirements of an estimated 770,000 current and retired workers in New Jersey.