Can Connecticut be far behind?

Posted on August 19, 2010. Filed under: Uncategorized |

Check out this article from the August 19, 2010 issue of The Wall Street Journal.

SEC Sues New Jersey as States’ Finances Stir Fears

“…The SEC’s filing in the civil case described a series of moves that it alleged misled investors into believing the state was adequately funding the $34 billion Teachers’ Pension and Annuity Fund and the $28 billion Public Employees’ Retirement System.

The funds are the largest of seven funds in the $66.9 billion New Jersey retirement system. Among other things, the SEC said, the state didn’t disclose it had abandoned a five-year plan to fund the pension plans. The pension system covers 689,000 current employees and retirees.”

It’s hard to believe New Jersey is the only state grappling with an issue like this.

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