Conversations on NJ Pension Reform

New Jersey Assembly Speaker Craig Coughlin was On The Record today and this is what he had to say on pension reform:

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Apparently more talk is necessary.

12 responses to this post.

  1. Posted by Tough Love on September 8, 2018 at 9:21 pm

    Hardly a “conversation”. He hedged ALL of his answers …… typical “politician”.

    Reply

    • The conversations will be with ‘stakeholders’ which for most NJ Democrats mean the public employee unions.

      A good followup question Aron could have posed is: “will we get any reforms that do not have the approval of the unions?”

      Reply

  2. Posted by skip3house on September 8, 2018 at 10:31 pm

    KISS, again. Pensions..proportionately assign by weighted hours over pay just existing funds of each year to each NJ public worker that year. Drop all elected/appointed/….. Drop retiree Rx.
    Schools .. move residential property tax to fair NJ Income Tax.
    Tolls on more highways .. No.
    Now, do your pragmatic politics from here, keeping in mind these are affordable.

    Reply

  3. Posted by In God we trust. on September 8, 2018 at 10:45 pm

    Reduce any and all pensions to a Max of $50,000.00 a year w/ a cola.. 2. No double dipping by those in public office. 3. Raise the pensions of those who make less than $25,000.00 by 20% w/ a cola. With this formula the pensions system would become healthy again.

    Reply

    • Posted by Tough Love on September 8, 2018 at 10:57 pm

      No. Taxpayer contributions towards the retirement security of Public Sector workers (BOTH DB/DC Plans AND retiree healthcare subsidies) should be NO GREATER (at ALL income levels) than what comparable Private Sector Taxpayers typically receive from their employers.

      Reply

      • Posted by Anonymous on September 9, 2018 at 8:46 am

        TL why not? Problem is SO big it needs to be addressed with multiple solutions
        I’m ‘assuming’ IGWT also agrees with switching ALL future service credit from DBP to DCP AND a retro cap on ALL pensions? But no wat on cola or any increase to minimum pensions!

        Reply

        • Posted by Tough Love on September 9, 2018 at 9:55 am

          Why not ?

          Because it’s the way-too-generous “formula/provisions” that results in ludicrously excessive pensions (when compared to what an identically situated in wages, age at retirement, and years of service) even at middle/lower income levels.

          The is ZERO justification for a mid-level Public Sector clerk making say $75K to be able to retire with $50k annually at age 60 (or perhaps even 55), when the comparable Private Sector $75K clerk (even if they were among the very few lucky ones to still get a DB pensions) would like get no more than $30-$35K starting at age 65.

          The difference in pension amount and starting age makes the Public sector worker’s pension 2 to 3 time greater in “value” (and hence COST) upon retirement.

          There is ZERO justification for Taxpayers to fund greater Public Sector pensions.

          Reply

          • Posted by Tough Love on September 9, 2018 at 10:15 am

            And while COLA-increases are now suspended in NJ, they are in place in almost all other Public Sector State & City pensions, but in VERY VERY few Private Sector pensions. The 2 to 3 times greater Public/Private Sector comparison noted in my above comment rises to about 4 times greater if the Public Sector pension provides for COLA-increases ……. which could happen in NJ if COLAs are reinstated.

            It’s patently absurd for Taxpayers to fund ANY greater pensions (AND benefits ……. e.g., employee-sponsored retiree healthcare that THEY rarely get any longer) for Public Sector workers.

          • Posted by Anonymous on September 9, 2018 at 11:24 am

            Based upon my comment your response makes no sense?

  4. Posted by dentss dunigan on September 9, 2018 at 5:00 am

    Switch all people to 401K and end pensions …said it before and he agrees …

    Reply

    • Posted by Tough Love on September 9, 2018 at 8:39 am

      And end them not just for NEW workers, but for the future service of all CURRENT workers ……….. to STOP digging the financial hole we are now in DEEPER every day via ADDITIONAL unsustainable/unaffordable pension accruals.

      DC (401K) Plans are all most Private Sector workers get from their employers today, and Public Sector workers are not “special”, and deserving of a better deal (a MUCH MUCH MUCH better deal right now) than the Taxpayers who pay their way.

      Reply

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