https://aws.amazon.com/blogs/apn/automated-refactoring-of-a-...
And not working with the normal build or debug tools on the mainframe it runs on.
And with a lot of extra unreadable stuff to support things COBOL does but the target language doesn't.
The biggest problem with COBOL codebases is that COBOL (at least back in the day) doesn't offer much in the way of structured programming or standard libraries. Horrifying spaghetti code with one-off local solutions for common tasks is the norm, especially on some ancient endlessly patched code.
The main problem with a direct conversion is COBOL has database operations in the language, mapping data directly to variables (records). All modern languages you might translate COBOL to use libraries to perform database operations, and may not even have an off-the-shelf implementation of the pre-relational data structures COBOL was originally designed to work with.
Ignorance of the details of the NJ system is the great challenge. Its likely a huge legacy system with all of the attendant warts, histories, strange choices, and odd limitations that come with that. Given that these systems are built up through years of teams of people that come and go - it will likely take a long time to address the real issues.
> Ignorance of the details of the NJ system is the great challenge.
This seems very plausible. But on this analysis, what's the point of trying to hire "COBOL programmers"? We've just stipulated that the COBOL is easy. Onboarding an experienced COBOL programmer is only a trivial savings over onboarding someone who's never heard of COBOL; they'll both have to learn the system -- but the pool of experienced COBOL programmers is much smaller than the pool of "everyone".