Because the state of New Jersey is not making the necessary matching contributions, the shape of the N.J. Pension system will be back to the precarious condition it was prior to the reforms earlier this year or worse. This could happen as early as 2018.
Christie will be out of office by then, even if he is re-elected in 2013. He is just passing the buck to the next governor.
A sharp decline of the stock market could move the reckoning date forward.