$1.2 Billion Sparkler

When nj.com puts out what it deems scare headlines on the New Jersey retirement system these blogs write themselves.

From the state budget that will be enacted by July 2021 to the one that will take effect in July 2022, the rate will decrease from 7.3 percent to 7.0 percent. That’s considered a big dip for just one year.

And there’s a double-whammy that year.

It’s also the same budget that is supposed to finally make the state’s first full recommended pension contribution after governors and lawmakers shortchanged the system for decades.

All together, the payment will be about $6.6 billion, a year-over-year increase of more than $1.2 billion. The time bomb will detonate.

Is this really the bomb when you consider?

New Jersey has never had a problem in making pension contributions since politicians have always been allowed to dictate those contribution amounts. However, as to making benefit payouts when due they were able to dictate not making COLA payments but it remains to be seen how much more they can blow off when the time comes.

15 responses to this post.

  1. Posted by skip3house on September 8, 2019 at 12:48 pm

    Yogi….Ain’t over ’til its over?

    Reply

  2. Posted by skip3house on September 8, 2019 at 12:51 pm

    …… it’s

    Reply

  3. Posted by Tough Love on September 8, 2019 at 8:37 pm

    It’s about time ………….

    “Bad NJ cops won’t be able to job hop under bill inspired by Shield investigation”

    https://www.app.com/story/news/investigations/watchdog/shield/2018/12/28/nj-bad-cops-bill-shield-investigation/2433483002/

    Reply

    • I agree with the bill.
      Any Chief that hires an officer who “resigned” and gets a neutral recommendation is crazy. Similar to the private sector, a chief will “confirm that the employee worked for the agency from one date to another”. That is the red flag. You are permitted to good guy the former employee, bad mouthing not so much. There are some legitimate resignation reasons, going to the prosecutors office or a better paying town, closer to family etc. those instances usually result in a former employer offering positive feedback. It appears this has only happened 3 times out of 68 resignations. Probably not happening all the frequently at all. Regardless, a future employer should have access to that info.
      My guess is that the 3 cases where this occurred, the town and chief knew damn well what they were hiring. A chief or mayor knew someone and overlooked the problem.

      Reply

      • Posted by Rex the Wonder Dog! on September 8, 2019 at 10:53 pm

        EG you told me JUST A FEW DAYS ago that this is not allowed to happen in NJ right NOW…???? I told you of the dirty cop in my fix-it-ticket trial that committed perjury and was canned for it, then was hired on at TWO more LE agencies AFTER my muni, which was his SECOND cop job as he was previously from his first cop job. Four, count em FOUR cop jobs. And the thing is I KNOW he would never be hired for ANY cop job after that IF the LE agencies hiring him had done a simple civil case check in federal court, as he got his fanny sued off for that perjury… When you’re caught not just lying, but lying under oath, you simply cannot testify n criminal cases because of the lying. It torpedoes the entire gov case.

        Reply

      • Posted by Rex the Wonder Dog! on September 8, 2019 at 10:59 pm

        Similar to the private sector, a chief will “confirm that the employee worked for the agency from one date to another”. That is the red flag. You are permitted to good guy the former employee, bad mouthing not so much. There are some legitimate resignation reasons, going to the prosecutors office or a better paying town, closer to family etc. those instances usually result in a former employer offering positive feedback. It appears this has only happened 3 times out of 68 resignations. Probably not happening all the frequently at all. Regardless, a future employer should have access to that info…My guess is that the 3 cases where this occurred, the town and chief knew damn well what they were hiring”
        You CANNOT say anything negative, and they don’t need to. All it takes to determine if the Cop was fired or for some type of misconduct is to ask the one straight forward MOMENT of TRUTH question:

        “Is the employee eligible to be REHIRED.”

        BAM!@ That is the moment of truth question.

        Reply

        • These guys weren’t convicted of perjury like the guy that you said. They weren’t convicted of anything criminal. They were allowed to resign before they were tried on departmental charges. (Not criminal). That said you are picking a fight with someone who agrees with you on this topic. And this happened a whopping three times.
          And with without this law, they certainly are eligible to be rehired. They simply resigned. As I said, the three were in my opinion, outliers. But again, NO way in hell that an officer convicted of perjury could ever work for any LE agency ever again at least in NJ. And didn’t you state this happened outside of NJ, TL? I mean Rex.

          Reply

          • In fact, they wouldn’t be allowed to be rehired if they were fired and not criminally charged.
            You gotta work harder at this TL. Your alter ego seems to only comment after your posts and quite quickly and uses mannerisms that are quite unique to you. I call bullshit. You are one in the same. “Rex” is your out of state—(which is news to the commenters on here, we always thought he lived in his moms basement in Jersey) alter ego. What do you think MJ and Earth and Marine1 and other regulars on here?
            Christ I think it is pathetic that I am a “regular” on here. Lol.

          • Posted by Anonymous on September 9, 2019 at 9:07 am

            Nope. Rex is many things, but he is definitely not TL.

          • Posted by Rex the Wonder Dog! on September 9, 2019 at 11:03 am

            Nope. Rex is many things, but he is definitely not TL.
            I am my own PUP, and don’t you ever forget it Dougie 🙂

        • Posted by Rex the Wonder Dog! on September 9, 2019 at 10:58 am

          These guys weren’t convicted of perjury like the guy that you said. They weren’t convicted of anything criminal. They were allowed to resign before they were tried on departmental charges. (Not criminal).
          My guy was not charged, or convicted of any criminal act. It would have been a slam dunk conviction if it were filed because it was all recorded. Also shows the double standard for LEO. If that were me or any other private citizen it would have been a straight up felony charge (in my state perjury is a felony, not a wobbler).

          Reply

  4. Posted by skip3house on September 9, 2019 at 4:34 am

    Put in time, retire, be lucky to get over-promised/under-funded (TL’s clear view of public pensions/benefits through-out this blog) then do nothing. Isolate yourself, surrounded with home, car, trips. Live free!

    Wonder how many has this style turned into narcissists/defenders of irrational benefits? Narcissist seems to becoming a worn word…..

    There seems to be a number of people who worry about themselves before anyone else. They don’t prioritize the good of the community, they don’t fight for social causes and they aren’t pursuing a life of meaning and purpose, just greed and concern the gravy train will stop.

    Well, billing future citizens is better than robbing banks…..?

    Reply

    • Skip, they fight for social causes all right, just don’t take from them. It’s everyone else who should pay more and have less. And with the pensions so underfunded and freight training towards insolvency I wonder how all the publics feel about the 20% increase our governor gave to the real “moochers” and let’s not forget we are a sanctuary state that gives out a lot of freebies. Seems any more the only ones on the receiving end are the publics, illegals and welfare recipients.

      Reply

      • This “public” subscribes to the “those who shall not work, shall not eat” philosophy. I also am for strong borders

        Reply

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