It can safely be said that the pension funds for state employees are in financial distress.
According to the September 2014 status report of the New Jersey Pension and Health Benefit Study Commission, the seven pension funds that cover teachers and state government employees are only 54 percent funded on an actuarial basis, which is to say that they only have on hand 54 percent of the money they will need to pay retirement benefits to current retirees and to current active employees when they retire, assuming projected return on investments.
