No idea, but this Jersey blogger warns that, according to actuarial reports, teachers invested in the state pension plan will endure “Detroit-type ‘adjustments to their pensions because (emphases really his own:
THE PLAN BARELY HAS 50% OF THE ASSETS NECESSARY TO ANNUITIZE ONLY (YES ONLY) THE RETIREES WITH THE OTHER 475,000 PARTICIPANTS HAVING LESS THAN NOTHING.
The writer adds that “after thirteen years of exploding liabilities, stagnant assets, and contribution-shirking subsidized by prior taxpayers, this plan is dead…”