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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