New Jersey Stays With Hedge Funds

The New Jersey State Investment Council met today and, according to an story, the focus was on alternative investments and apparently conducted in a knowledge-free vacuum:

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Who Will Pay Benefits of Bankrupt Multiemployer Plans?

Multiemployer (union) plans, for a variety of reasons*, will all go bankrupt.  So what happens to promised benefits?  The Road Carriers Local 707 Pension Fund (RC707) ** could  tell us.

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If the Department of the Treasury will not approve benefit suspensions under the Multitemployer Pension Reform Act  (MPRA) for participants in the Central States Pension Fund (CSPF) then how will  other multiemployer plans lined up for approvals fare?

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Central States Preservation Plan

According to an online report:

A pension fund serving Teamsters members said Thursday it will not issue a new plan to rescue the fund, following the Treasury Department’s rejection of proposed reductions. Thomas Nyhan, executive director of the Central States Pension Fund, said it remains in “critical and declining status” and called for legislation to protect participants’ retirement benefits. Earlier this month, Nyhan predicted insolvency for the fund without legislation, absent another plan.

A condition of that plan for Thomas C. Nyhan may be to keep the highest amount of payouts in place – and not only for retirees.

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Saving Congress from Itself

More incisive excerpts from James L. Buckley’s ‘Saving Congress from Itself‘:

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New Jersey’s Pension Surplus

In local budgeting having a surplus is often a good thing providing a cushion against unexpected  downturns.  For example in the 2016 Union County budget it was reported:

Faella said the county’s surplus increased from $31 million last year to $55 million this year, which has maintained the county’s bond rating.

New Jersey also has developed a surplus account (though they define it as ‘pension contribution’) and it looks like they may need to tap it again.

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NJ Power Broker’s ‘Better Way’ to Solve Pension Crisis

The story does not mention it so you have to listen to the podcast to find out what Thomas Bracken, New Jersey Chamber of Commerce‘s president and CEO, thinks about the state’s pension crisis.
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