N.J.'s 18.6% Pension Funding Least in U.S., Moody's Finds
- Christie prevailed in court fight over lower contributions
- Liabilities dropped nationally because of robust investments
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Governor Chris Christie contributed 18.6 percent of what New Jersey’s pension fund needed in fiscal 2014, lowest among U.S. states, according to Moody’s Investors Service.
The governor, a 53-year-old Republican seeking the presidential nomination, skipped billions of dollars in payments for 2014 and 2015, and reduced the 2016 planned contribution, saying the state didn’t have the money. A state Supreme Court ruling in June allowed Christie to bypass his own 2011 law requiring a series of extra payments to bring the fund, with 800,000 beneficiaries, closer to actuarial demands.