New Jersey's pension fund has been in the dumpster for decades. It was 3 billion in the hole when I retired in 1998. This is due to mismanagement by both parties who were in office over the years and by them skipping what was supposed to be mandatory payments into the system. After reading about how pension many pension funds were running out of money, some even cutting payments (not necessarily government ones though), I made a contingency budget in case the State of N.J. had to cut our payments in half. Looks like as of 2017 our state plan was only 36% funded. Couldn't find more current stats. Gov. Murphy promises to fully fund the pension, breaking the practice of underfunding that has taken place for the last 25 years. We'll see how that goes.
