WASHINGTON — A day after New Jersey settled securities fraud charges with the Securities and Exchange Commission for failing to disclose to bond investors that it was underfunding its two largest pension plans, offering documents for the state's record $2.25 billion short-term tax and revenue anticipation note deal included several pages of disclosures about the woefully underfunded retirement plans.
The preliminary official statement distributed ahead of the note sale indicated that the state only made $106.3 million in contributions to its seven pension plans for the fiscal year ending June 30, 2009, much less than the $1.047 billion that was included in the fiscal 2009 appropriations act and just 4.8% of the total actuarially recommended contribution of $2.231 billion.
Register or login for access to this item and much more
All On Wall Street content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access