As previously reported by the League, the Public Employees Retirement System (PERS) Board met in February to hear testimony from Cherion, the actuary for PERS. The Actuarial Valuation Report is now available for review. Cherion reported that as of 2024, the State Employers PERS is at a rate of 35% contribution. Additionally, the State’s contributing full pension payments will continue to have a positive outcome for the fund. The replacement of new employees after attrition also results in a positive impact on the fund.
For Local Employers PERS the funded ratio increased from 68.5% (July 1, 2023) to 69.6% (July 1, 2024). According to Cherion “based on the market value of assets, the funded ratio also increased from 67.7% as of July 1, 2023 to 70.9% as of July 1, 2024.” The unfunded actuarial liability decreased from $12.7 billion (July 2023) to $12.6 billion (July 2024).
For the Local Employers portion of the PERS, the number of contributing active members has increased from 140,550 members in FY 25 to 142,752 members in FY 26. During the same period, the number of retirees and beneficiaries has increased from 130,138 in FY25 to 131,643 in FY26.
Contacts: Lori Buckelew, Deputy Executive Director, lbuckelew@njlm.org, 609-695-3481, x112 or Erin Knoedler, Legislative Analyst, eknoedler@njlm.org, x116.