New Jersey has the worst-funded state retirement system in the nation.
By Michelle Kaske and Elise Young|March 14, 2018 at 12:18 PM
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(Bloomberg) –New Jersey Governor Phil Murphy received a round of applause Tuesday during his budget address when he touted a proposed $3.2 billion pension payment, with the goal to fully-fund the struggling system by 2023.
New Jersey has the worst-funded state retirement system in the nation. While the state needs to address the pension issue, higher yearly contributions from its budget may crowd out spending for other programs, said Howard Cure, managing director at Evercore Wealth Management.
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