N.J. public pension shortfall grows by $11.5 billion

The long term deficit in the retirement funds for state and local government workers, police, firefighters and educators grew by $11.5 billion in fiscal year 2009, according to reports released today.

The long run shortfall was $45.9 billion as of June 30, the end the fiscal year, according to the reports.

The gap grew as the state's investments were battered and then Gov. Jon Corzine contributed only a small fraction of what the state owed for fiscal year 2009.

Lawmakers have pointed to the looming deficits as evidence for the need for reforms to scale back public benefits.

But representatives for police and state worker blame the state for skipping billions of dollars of required contributions over more than a decade, failing to invest in the fund while workers continued to pay into it.

Gov. Christie plans to eliminate an already small state payment in order to balance the current budget.

"That's like me telling my mortgage company, this month it's zero, next month maybe I'll get to you,' said Wayne Hall, a detective and trustee for the police and firefighter pension fund. "where the hell is the fiscal responsibility from the government?"