Friday, April 06, 2007

More News on the NJ Pension Fund

NJ has been diverting billions of dollars from its pension fund for state and local workers to other government purposes for the last 15 years. It has also been using a variety of unorthodox transactions to hide the sleight of hand. For example, in 2005, NJ put either $551 million, $56 million or $0 into its pension fund for teachers. The state records the $551 million contribution in a bond offering. The $56 million dollar figure appeared in an audited financial statement. The $0 appeared in an actuarial report. How much money is in NJ's pension fund? Nobody seems to know for sure.

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