Before the correction

NEW YORK (Reuters) - New Jersey’s treasurer said on Thursday she will increase the expected rate of return for the state’s struggling public pension system from 7 percent to 7.5 percent, then lower it again over time.
The switch to a higher assumed rate means that the state, and participating local governments in New Jersey, will for now escape the higher costs that arise when investment return assumptions are lowered.
The savings come at a fortuitous time for new New Jersey Governor Phil Murphy, who took office in January and is facing a shortfall ahead of his first budget proposal in mid-March.

They now face a sudden change, 11% return becomes 4% more likely, noty the 7%.  But even the 11% did not cover expanding liabilities. So New Jersey will need the debt markets right when liquidity is short. New Jersey has the worst liability of the bunch.