Moody’s Investors Service downgraded New Jersey state government’s bond rating (only Illinois and California have lower ratings now) and Assembly Majority Leader Joseph Cryan (D-Union) has a scapegoat, someone who “must learn that failing to fund pension contributions…… ha(s) consequences”. It’s not him.
On the bottom of page 7 of 45 of the 2010 actuarial report for the State Police Retirement System are these footnotes:
* Assets include a fiscal year 2011 receivable contribution of $0 instead of the $103,745,281 contribution recommended for the July 1, 2009 valuation (potential effect of the Appropriation Act for fiscal year 2011).
** Chapter 1, P.L. 2010 allows the State to make a contribution for fiscal year 2012 equal to 1/7th of the recommended contribution. The contribution could be subject to change per the requirements of the State’s fiscal year 2012 spending plan.
# The recommended contribution could be subject to reduction in accordance with the provisions of the Appropriation Act for fiscal year 2011.