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.
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..
ReplyDeleteThis is the link: for NJ
ReplyDeletehttp://cafrman.com/Articles/Art-NJ-S1.htm
Thanks for the CAFR link.
ReplyDeleteAnd yes, the money shortage is a huge fraud.