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

The nj.com 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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So that’s what the NJ Chamber of Commerce sees as the ‘better way’: have more meetings since there is ‘no time essence’ for a fund that recently reported having $68.61 billion in assets and is paying out about $10 billion annually to current retirees when for a similarly situated plan in the private sector ($17.8 billion in assets and $2.8 billion being paid out annually) there is a crisis.

3 responses to this post.

  1. Posted by skip3house on May 16, 2016 at 1:05 pm

    Now we add another to our list of ‘no clue’? Solution was to keep current and pay into fund as services were rendered, not pass debt to’ future ‘.
    Now, impossible, not fair, to ‘catch up’ nor pay as you go for past services.
    Highest pensions will have to be cut proportionately, abuses reversed, and political promises with no funding…ignored. Doubt people in Trenton will go for that. Rather, keep kicking…… Referendum strikes me as mass suicide pact.
    Some mention DB must be replaced with a kind of 401K, with values reported on each pay stub. Good !
    Might allow workers a choice between an organization or own private system of savings.
    Based on NJ actions, I would choose private…..

    Reply

    • Posted by S Moderation Douglas on May 16, 2016 at 6:51 pm

      “Highest pensions will have to be cut proportionately…”

      Why?

      “Based on NJ actions, I would choose private…..”

      Absolutely no argument there.

      Reply

      • Posted by skip3house on May 16, 2016 at 8:55 pm

        S Mod D, Hi, I really meant to include just those abusing the system by low hour jobs until a high pay job is ‘offered’ for the last few years to get a high pension. (and medical)
        Must have been a pol who inserted that ruling…

        Reply

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