The Judicial Retirement System (JRS) for New Jersey judges will be the first of the state’s plans to run out of money on paper and that will be in 2021. Without any substantial benefit cuts or cash infusions this is how it will look based on projecting historical data:
This is how the JRS looked at various times based on data taken from state actuarial reports:
JRS retirees will likely still be getting pension checks after 2021 but the questions are how much those checks will be for and where the money will be coming from.
Posted by Anonymous on March 2, 2017 at 4:08 pm
“JRS retirees will likely still be getting pension checks after 2021 but the questions are how much those checks will be for and where the money will be coming from” and it will, more than likely, depend on how the sitting justices rule? Unless default is allowed by States before their depletion date and a court appointed trustee determines their fate? I’m cautiously pessimistic and skeptical, I anticipate targeted legislation granting (anointing) them ‘special’ protections justified by the invaluable (useless) service to the public at small (ie politicians). Remember it wasn’t until the 2011 reforms judges didn’t even contribute to their pensions which is why they are projected to run dry first!
Posted by Anonymous on March 2, 2017 at 6:31 pm
Earnings/Adjustments in 2016 looks like a strange number at $599K? Can that be correct?
Posted by burypensions on March 2, 2017 at 6:41 pm
That looks like one of the better numbers as there was some massive earnings numbers early on when Christie took over presumably they plunged into alternatives. I used 4% going forward. Here is a list to the market values from each valuation report: https://burypensions.files.wordpress.com/2017/03/jrs-assets.pdf
Posted by Anonymous on March 3, 2017 at 8:56 am
This will, more than likely, eventually be settled in DC either legislatively or budgetarily?
Posted by larrylittlefield on March 3, 2017 at 3:38 pm
Aren’t these the people who ruled that past taxpayers didn’t have to fund pensions properly but future taxpayers have to pay to make up for it even at the cost of catastrophe?
Basically, the retired judicial members of Generation Greed blessed a massive generational injustice by their generation.
Posted by Anonymous on March 3, 2017 at 3:58 pm
Are you implying our justice system isn’t based on the rule of law?
Posted by New Low In NJ Pension Issue | Burypensions Blog on June 4, 2017 at 11:53 am
[…] The Judicial Retirement System will run out of money in 2021. […]
Posted by Nothing Bold on Horizon | Burypensions Blog on July 9, 2017 at 11:30 am
[…] are no ‘weeds’ in this discussion. What part of ‘running out of money by 2021‘ requires specialized […]