Wednesday, April 4, 2007

N.J. Pension Fund Endangered by Diverted Billions

April 4, 2007

In 2005, New Jersey put either $551 million, $56 million or nothing into its pension fund for teachers. All three figures appeared in various state documents — though the state now says that the actual amount was zero.

The phantom contribution is just one indication that New Jersey has been diverting billions of dollars from its pension fund for state and local workers into other government purposes over the last 15 years, using a variety of unorthodox transactions authorized by the Legislature and by governors from both political parties.



Anonymous said...

This whole money shortage is a huge lie and a mass fraud against the people. In 2003 the bonus surplus was :Total Surpluses... 21,043,403,844 ...And this is being hidden by the politicians as they don't really care about the people who voted them in..wake up people and demand justice and accountability..

Anonymous said...

This is the link: for NJ

Marc Parent mparent7777 mparent CCNWON said...

Thanks for the CAFR link.

And yes, the money shortage is a huge fraud.