The Public Employees Retirement System (PERS) held a meeting on February 27, 2025 to hear testimony from Cherion, the Actuary for PERS. Janet Cranna, Jonathan Chipko and Jake Libauskas presented on behalf of Cherion.
Cherion reported that as of 2024, the State is at a rate of 35% contribution while local government is at 55%. As reported, if the State continues to make full pension payments, the fund will be completely funded as of 2049. The local government portion was not reported but noted that it would be fully funded earlier than the State due to the increased amount of the local government contribution.
The State contributing full pension payments will continue to have a positive outcome for the fund. Additionally, the replacement of new employees after attrition results in a positive impact on fund.
The Actuary Report is not available to date, but the League will report back with additional information as it is released.
Contact: Erin Knoedler, Legislative Analyst, eknoedler@njlm.org, x116.