(Bloomberg) -- It would cost each of New Jersey’s households about $12,000 to close the $37 billion pension gap, according to a 10-member panel named by Governor Chris Christie.
In an interim report, the panel said the state’s combined liabilities in pensions and retiree health-care costs are about $90 billion.
Elected officials widened the gap by skipping payments as they increased benefits, and employees who enrolled in “platinum” health plans exacerbated the situation, according to the report. New Jersey’s pension system is the fourth-worst- funded in the U.S., the report found.
“The unfunded liability of the state plans reflects a long-term disconnect between the willingness to provide employees with benefits and the willingness to pay for them,” the report said.
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