NJ Pension Payout Update With Cap Study

New Jersey has updated their listing of people in the state pension system for both active participants as of 12/31/16 and retired participants as of 3/31/17 and you may be interested in seeing the payout numbers.

This spreadsheet, sorted by pension amount, shows 325,937 total retirees getting annualized benefits of $10,465,934,978.

This spreadsheet, sorted by retirement date and name, shows $14,797 retirees in the last year getting annualized benefits of $531,080,327.

Of those current retirees 2,662 are getting annual pensions of over $100,000 with these at the top:

Since the salary and service data is included it is noteworthy that a benefit cap of 1% of average salary times years of service would cut these payouts in half. This spreadsheet shows the impact on the current retiree population and here is how it would impact the highest pensions:

and those most impacted (primarily judges or data errors):

12 responses to this post.

  1. Posted by skip3house on May 9, 2017 at 4:38 pm

    Mr Bury, that 1% does save pensions maybe, but does correct the abuses of high pay for short service, too.

    Reply

  2. Posted by steve on May 9, 2017 at 4:49 pm

    With a cap they will not be encouraged to stay 42 years @ 195000 @16000+a month -I did the math—–

    Reply

  3. Posted by Anonymous on May 9, 2017 at 4:58 pm

    Interesting they all (or mostly) seem to be non “State” employee’s yet the State unfunded is worse than the local. Does nothing to the reality of today’s numbers including the State’s lack of contributions over the years.

    Reply

  4. Posted by George on May 10, 2017 at 10:34 am

    $14,797 retirees => 14,797 retirees
    2662 / 14,797 = 18% of current year retirees collect pensions of $100-$200 thousand.

    In California, I think they have much higher pension amounts at the top.

    25 UC Retirees Receive Annual Pensions Exceeding $300,000
    http://californiapolicycenter.org/25-uc-retirees-receive-annual-pensions-exceeding-300000/

    The US 30 yr bond yield is 3% so you would need $3.3 million dollars invested at that rate to pay $100,000 yearly. Luckily NJ pension geniuses get more than twice that return every year forever.

    If I have it right retirees also get health benefits and spousal benefits until both die.

    Reply

    • Posted by boscoe on May 12, 2017 at 5:34 pm

      @George
      Something seems wrong here. I’m almost certain that the 2662 public retirees receiving $100k or more in pension allowances is for all living retirees, not for those that retired in the past 12 months. If I’m right, that works out to 2662/325,937 = 0.8%, not 18%.

      If I’m wrong, apologies all around. Mr. Bury can clarify which #’s are correct.

      Reply

  5. Posted by stef on May 10, 2017 at 1:19 pm

    not sure if this is same buy but found this obituary online?

    Joseph was born on November 9, 1921 and passed away on Sunday, August 30, 2009. Joseph was a resident of Monmouth Beach, New Jersey.

    does anyone check if retirees are still alive?

    Reply

  6. Posted by stef on May 10, 2017 at 1:38 pm

    sorry, forgot to say in previous post that obituary was for retiree=Joseph Zanzalari

    oldest retiree on list and not to common name, so did a google search.

    Reply

    • Posted by skip3house on May 12, 2017 at 6:30 pm

      3. Joseph J Zanzalari 95 Monmouth Beach, NJ
      Edison, NJ
      Metuchen, NJ Mrs Zanzalari
      Anne Zanzalari
      Suzette Vandewiele
      Judith Zanzalari
      4. Josephh Henry Zanzalari 93 Edison, NJ
      Metuchen, NJ Josephine Zanzalari
      Henry Zanzalari
      Margaret Zanzalari

      Reply

  7. Posted by S Moderation Douglas on May 10, 2017 at 1:39 pm

    My poor computer can’t open the spreadsheets. Is it 2662 / 14,797 = 18%,
    or 2662/325,937 = 0.81% ?

    According to reason.com… “California’s Six Figure Pension Club Has More Than 20,000 Members” Aug. 9, 2016…

    “More than 23,000 workers in the CalPERS system retired in 2015 and started collecting pension checks. Of those, there are 76 getting six-figures per year.”

    That’s about 3%. I doubt New Jersey has 18%.

    Reply

  8. Posted by Anonymous on May 11, 2017 at 1:39 pm

    S. Moderation Douglas,

    BEFORE we hear more of your endless BS about how Gov’t workers are paid less in cash wages, thereby (supposedly) justifying their FAR greater pension/Benefits, you should read this….

    http://californiapolicycenter.org/examining-public-pay-in-california-the-los-angeles-department-of-water-and-power/

    While the LA Dep’t of Water & Power may have a “somewhat” different pay structure than other CA Public Sector entities, any difference assuredly CANNOT erase the HUGE Public Sector advantage in WAGES ….. as well as in pensions &benefits.
    ***********************************

    SMD,

    You complain when I say …. “Public Sector Unions are CANCER inflicted upon Civilized Society”, but when I read (in the above study) this, that is exactly what came to mind:

    “The Los AngelesTimes discovered at least one particular example which confirms that at least some of the overtime pay is the result of union-friendly contracts, not necessity, when they revealed that DWP employees receive overtime pay for work that an outside contractor performs. This bears repeating: DWP employees can receive overtime pay for work that others do. “

    Reply

  9. Posted by S Moderation Douglas on May 11, 2017 at 3:29 pm

    It ain’t MY “endless BS”, Love.

    As far as “cash wages” are concerned, it is every major study, the only dis argument is how much lower wages are offset by benefits.

    If you understand the concept of “averages”, you would understand that some public workers are relatively more highly paid, and some are less.

    Reply

    • Posted by Anonymous on May 11, 2017 at 5:12 pm

      Quoting SMD …. “it is every major study”

      Well then you must have read ….”every major study”.

      Please list each and every one……LOL

      Reply

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