N.J. waits for IRS review of troubled public worker pension funds

Seeking IRS approval of how retirement plans are administered has been common practice for nonprofit groups and private businesses for decades. In New Jersey’s case, the agency will examine how the state’s seven pension plans for public employees are being overseen, including how benefits are accrued and who is eligible for them. What it won’t look into is how the plans became underfunded by $54 billion. http://bit.ly/gPMXVS