As reported by nj.com, a new report shows the retirement funds for New Jersey State Troopers, local police, and firefighters and public workers lost ground in the first year workers were required to pay more toward their pensions. The State paid one-seventh of its contribution to the system in the fiscal year that ended June 30, 2012.
An actuarial report released showed the funds had lower than expected investment returns. As a result, the gap between what is in the funds and the amount that will eventually be needed to cover retirements grew for the year. As you may recall, pension changes enacted in 2011 required workers to pay more.