Excerpt: The actuaries said the plan was overfunded. It had the money to cover all liabilities and then some. Investment gains would cover future benefit accruals. This lasted through the Whitman, DiFrancesco, McGreevey, and Codey administrations. No pension contributions were made even though benefits were enhanced in 2001 by about 9%. Even when Governor Jon Corzine came in, the contributions he was now told were required barely covered a half-year's benefit payouts and there was a supposed $25 billion shortfall.  MORE >>