Public Pensions: Some Numbers and Reality →
I can get into the details of the situation where $29 billion in deposits and $62 billion in payouts aren’t a problem… but that’s not the situation that holds in NJ. It requires the benefits to be “running off”, where the population and benefit amounts are decreasing, and a nice, hefty investment fund to begin with.
That is not the situation with the NJ pension plans.
The pension numbers are looking scary in both New Jersey and Illinois. It's going to be very, very expensive for both governments to come close to paying for the pension benefits that they've promised.
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