$4.7 Billion Pension Payment Plan Passes

P&I reported on it without mentioning that, when combined with contributions from local governments and plan participants, it would bring total contributions into the plan up to only 75% of payouts being made, but they did provide some other context.

The $4.7 billion state contribution is below the $4.9 billion that Mr. Murphy requested in his budget proposal in August. The contribution will be made in four quarterly payments during the revised fiscal year — the first is set for October — and encompasses both general funds and proceeds from the state lottery, which has been a pension system asset for several years.

The state has counted on an estimated $1 billion in lottery proceeds each fiscal year, but the pandemic cut into that amount during the 12 months ended June 30. Lottery proceeds accounted for $937 million, and the state didn’t make up the difference.

Aggregate lottery proceeds for July and August were $166.7 million, or 8.4% higher than the year-ago period. (Lottery proceeds for the pension system are counted for the traditional 12-month fiscal years starting July 1). During July and August, major revenue was down 14.9% to $2.1 billion from the year-ago period.

….

The New Jersey Pension Fund, Trenton, had assets of $74.1 billion as of May 31, according to the latest available data.

12 responses to this post.

  1. https://www.foxbusiness.com/business-leaders/california-governor-signs-corporate-boardroom-diversity-law

    @rex- combined with the fires etc. how on earth do you call this state home

    Reply

    • The convicted felon charged w shooting the two deputies should NEVER had been on the streets. Only because of liberal policies was he free. A joke.

      Reply

    • Posted by Rex the Wonder Dog! 🐶🐶🐶🦴🦴🦴 on October 2, 2020 at 3:51 am

      @rex- combined with the fires etc. how on earth do you call this state home
      Yes, we are all still laughing @ Gov HairGel about this… SMH … I doubt it will survive a court challenge on constitutional grounds. 😂😁😂
      The convicted felon charged w shooting the two deputies should NEVER had been on the streets.
      The dirtbag still HAD THE GUN he shot the deputies with!!!! Dumb Criminal Rule #1, if you SHOOT someone get RID of the murder weapon that second! Or at the very least take a file and scrape/mark up the inside of the barrel so the PoPo cannot match up any forensic markings on the rounds and shells …. How dumb can these idiots get!!! The GOOD news is that BOTH Dep’s have been released from the hospital and are now at home in full recovery mode. These two Dep’s are so lucky they are still alive, and they are HOME already. Wow. Talk about the stars aligning ….

      Reply

  2. Posted by MJ on October 1, 2020 at 11:28 am

    E, unfortunately many who should be in prison are not and then commit additional crimes against innocent people.

    Not too familiar with the prison system but could it be that there is just no room for all of the more serious type of criminal, just no where to put them other than back on the streets. I’ve always read that the prison are already so over crowded and no body has the resources to build and staff more prisons.

    Sadly, it will only get worse most likely

    Reply

    • Posted by NJ2AZ on October 1, 2020 at 3:56 pm

      lots of people who should be in prison aren’t, which i’m sure isn’t helped by the many people who are in prison that shouldn’t be. good enough for government work.

      Reply

    • Posted by Rex the Wonder Dog! 🐶🐶🐶🦴🦴🦴 on October 3, 2020 at 12:51 pm

      E, unfortunately many who should be in prison are not and then commit additional crimes against innocent people.

      Not too familiar with the prison system but could it be that there is just no room for all of the more serious type of criminal, just no where to put them other than back on the streets.
      The entire prison system is BROKEN. Until recently, when CA Prop 109 passed (2011), 70% of ALL State Pen inmates were not there for VIOLENT crime, but drug offenses. Prop 109 mandated that only violent (and enumerated “serious”) felonies go to the State Pen, everyone else does County time. It is just recently starting to get fixed, but only because of the COSTS. In CA it costs between $75K and $150K/year in the Pen and about $150/year in County (County is much higher security than a State Pen). Nearly the ENTIRE amount of those ridiculous costs are for Deputy and Corrections Officer compensation, which in CA is a BASE of $200K/year but often doubles, triples that amount with OT ($400K-$500K/year is NOT uncommon in extreme OT circumstances). This is why Krazee Nancy wants is HOLDING out for a $3 TRILLION Fed bailout, to back fill the pension costs of these wild and insane benefits of unskilled/semi-skilled GED CA gov jobs. Then we passed the insane Three-Strikes Law in CA in 1994 that allows a THIRD felony-ANY FELONY- to get a 25-life sentence. So a $15 Misdemeanor Petty Theft charge, elevated to a Felony via a prior conviction, results in a 25-Life sentence. Now does ANYONE with a working brain think that is normal or just? Our CA Supreme Court and SCOTUS thought it was fine, no 8th Amendment violation. BTW, more good/insane news, a Second-Strike under the Three-Strikes law DOUBLES the base sentence. For ANY felony, including the Misdemeanor to Felony Petty Theft beef. Well guess what, this insane state cannot afford to pay LEO and “Correctional Officers” $200K-$500K/year in compensation. That is why we have had tax increases NON-STOP since 2000 when 3%@50 passed. To counteract the Three-Strikes law we changed the “Good-Time” credit from 2-1 to 1-1. So 6 years was really 4 years, but now is down to 3 years. If you do “Fire Camp” (these CA wildfires, 70% of the firemen are State Pen inmates) get 1-2 credit, get 9 years you do 3 years if you are an inmate FF. Of course only the POOR and MIDDLE CLASS get stuck with these insane sentences, if you have $$ you won’t get slammed.

      Reply

  3. Posted by geo8rge on October 1, 2020 at 3:59 pm

    Juneteenth is now a N.J. state holiday. Who gets off? What will be open and closed?

    The law says all state government employees will get the day off in honor, though some essential employees will work on overtime.(I believe this will have pension ramifications)

    https://www.nj.com/politics/2020/09/juneteenth-is-now-a-nj-state-holiday-who-gets-off-what-will-be-open-and-closed.html

    Policy suggestion, eliminate one of these holidays or go to a system of personal days with no holidays.
    https://www.state.nj.us/nj/about/facts/holidays/

    Reply

  4. Overtime isn’t factored into pensionable salary at all. No ramifications.
    Pandering to a specific group maybe, but that is something different.

    Reply

    • Eventually this will be like many other holidays. It will become federalized and moved to the third Monday in June.
      Giving people an extra day to recover from Fathers Day. Unless of course, the third Monday is the 15th. They could just make it the day after Fathers Day
      Many schools are still in finals week or prepping from them.
      This will give a third three day weekend (and four in some years) during the summertime.

      Reply

      • If Memorial Day (formally observed on the 30th and called Decoration Day can be moved—this one can too. 🤷‍♂️

        Reply

        • Posted by Rex the Wonder Dog! 🐶🐶🐶🦴🦴🦴 on October 4, 2020 at 1:54 pm

          If Memorial Day (formally observed on the 30th and called Decoration Day can be moved—this one can too. 🤷‍♂️
          Without Doubt the most important observation day, and holiday, in the nations history. Yt we will move it to a Friday or Monday just so the whiners can get a three-day weekend. Shameful. It is a day of REMEMBRANCE, not a day for fun and party. 😥

          Reply

    • Posted by Rex the Wonder Dog! 🐶🐶🐶🦴🦴🦴 on October 4, 2020 at 2:01 pm

      Overtime isn’t factored into pensionable salary at all.
      In CA MANY of the non CalTURDS public pensions factor in OT. They basically everything into the pensionable salary factor.

      Reply

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