By Andrew Biggs, includes “… In 2001, the PERS plan had 2.7 active employees for each beneficiary; by 2019, the worker-to-beneficiary ratio had fallen to just 1.4 workers to 1 beneficiary. … New Jersey’s public plans cannot invest their way out of their unfunded liabilities. … in 2019 the median maximum potential employer contribution to the 401(k)-type accounts … was 3.3 percent of employee wages. For the New Jersey Teachers plan, the employer’s cost of funding newly-accruing benefits is 22.7 percent of employee wages.”