New Jersey's teachers' pension fund has less than 46 cents set aside for every dollar it owes retired teachers, and its liabilities grow by roughly $2 billion a year no matter what the state contributes, according to the state's own actuarial valuation as of July 1, 2024. Governor Mikie Sherrill's response, in the FY2027 budget she signed on June 30, was to fully fund the pension system at $7.3 billion — 12% of a record $60.7 billion spending plan — while leaving every structural driver of the shortfall untouched. That's not a recovery plan. That's a treadmill.
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