the Securities and Exchange Commission says it sued New Jersey for "securities fraud
for misrepresenting and failing to disclose to investors in billions of dollars worth of municipal bond offerings that it was underfunding the state's two largest pension plans
." The problem: NJ allegedly sold over $26 billion of municipal bonds, but the offering plans "created the false impression that the Teachers' Pension and Annuity Fund (TPAF) and the Public Employees' Retirement System (PERS) were being adequately funded, masking the fact that New Jersey was unable to make contributions to TPAF and PERS without raising taxes, cutting other services or otherwise affecting its budget."
You can look at the article above which shows the SEC going after NJ State Teacher Pensions, for fraud. In terms of litigating this type of matter, a Federal complaint would be helpful, if fraud is involved, the SEC may take the case, or they may try to force more disclosure, it would be worth the effort.
Since this is a State Pension issue, the State AG would not want to be involved, and you may have to resort to a personal civil suit by hiring a pension attorney. If you were part of a Union they can bring a suit as well on your and other members behalf.