Posts Tagged ‘system’

Tradition of New Jersey governors padding their own pensions


Pity the actuary who has to value the true cost of New Jersey’s defined benefit pension promises when these three spiking games are considered:
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Here is the back-story on the first example presented in the video:

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Spanking Judges


The New Jersey legislature didn’t like that judges got to ignore their call for higher participant contributions so:
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Today, according to nj.com:

In a rare bipartisan show of support, the Senate, in a special session, voted 28-0 to ask voters to amend the state constitution to give lawmakers the power to enact laws that reduce judicial salaries.  The Assembly voted 62-3 in favor.  With a three-fifths majority of both houses, the measure now goes onto the election ballot this November for voters to decide.

Of course this ballot measure will pass, possibly by record margins but, what they’re not telling you…….

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Judge These Numbers


Three judges in New Jersey don’t believe that they should be paying more to fund their pensions since that would be an improper diminution of their salaries* which the state constitution bars so as to shield judges from legislative reprisal for unpopular opinions.

How will this play out for the Judicial Retirement System?  I believe that this spreadsheet created from valuation reports going back to 2001 says it all:

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