TRENTON, N.J. (AP) — The $86 billion system that funds pensions for public workers, state troopers, local police and firefighters, and teachers lost ground in the first year public workers were required to pay more toward their retirements, according to reports released Monday.
Actuarial reports show the funds had significantly lower-than-expected investment returns, and lost additional ground because the state paid one-seventh of its contribution to the system for the fiscal year that ended June 30, 2012. As a result, the gap between the system's assets and eventual liabilities grew by $5.5 billion, or 3 percent.
Gov. Chris Christie said he wasn't surprised by the reports, but public employee unions said they were disappointed.
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