March 5, 2018 / 5:28 PM / 6 months ago

BRIEF-S&P Says Pension Assumption Delay Makes Near-Term NJ Budgets More Manageable, But Doesn't Address Long-Term Pension Issue

March 5 (Reuters) - S&P Global Ratings:

* S&P SAYS PENSION ASSUMPTION DELAY MAKES NEAR-TERM NEW JERSEY BUDGETS MORE MANAGEABLE, BUT DOESN’T ADDRESS LONG-TERM PENSION ISSUE

* S&P SAYS NEW JERSEY’S “POORLY FUNDED” PENSION SYSTEMS TO BE MORE INFLUENCED BY HOW CLOSELY ANNUAL STATE FUNDING APPROACHES FULL ACTUARIAL ADS

* S&P ON NEW JERSEY SAYS CONSIDER LOWER PENSION INVESTMENT RETURN ASSUMPTION TO BE MORE CONSERVATIVE, MORE LIKELY TO PRODUCE ADEQUATE PENSION FUNDING

* ‍S&P​ SAYS BELIEVES FUNDING THE FULL ACTUARIAL ANNUALLY DETERMINED CONTRIBUTION (ADC) IS OF MORE IMPORTANCE TO NEW JERSEY’S CREDIT QUALITY

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