NJ Pension CAFR

The Comprehensive Audited Financial Statement Report (CAFR) for the State of New Jersey, Division of Pensions and Benefits, as of June 30, 2020 appeared on the state website this month which means the actuarial reports should be out soon.

But, for now, some CAFR excerpts:

Financial Highlights Fiduciary Funds –Pension Trust Funds and Other Postemployment Benefit (OPEB) Plan (page 3)

  • Fiduciary net position decreased by $2.4 billion as a result of this year’s operations from $87.3 billion to $84.9 billion.
  • Additions for the year are $10.2 billion, which are comprised of member, employer, nonemployer, and employer specific and other pension contributions of $8.9 billion and net investment income of $1.3 billion.
  • Deductions for the year are $12.7 billion, which are comprised of benefits, refund payments, and transfers of $12.6 billion and administrative expenses of $62.0 million.

During fiscal year 2020, the JRS, Prison Officers’ Pension Fund ( POPF), SPRS, Consolidated Police and Firemen’s Pension Fund (CPFPF), TPAF, PFRS,and PERS (collectively the Pension Funds) returned +1.21%, falling short of long-term objectives and reflecting a challenging global economic and investment environment that was amplified by volatility. (page 7)

Overall Financial Condition of the Funds Based on GASB67 and actuaries’ GASB67 disclosures for State fiscal year 2020, for the defined benefit pension trust funds, the combined state and local ratios of plan fiduciary net position as a percentage of the total pension liability was 38.37% and the net pension liability as a percentage of covered payroll was 472.63%. For the prior year, the combined state and local ratios of plan fiduciary net position as a percentage of the total pension liability was 39.73% and the net pension liability as a percentage of covered payroll was 471.27%. For the OPEB plan, total expenses incurred exceeded total revenues recognized by $108.3 million, decreasing the surplus at the beginning of the year from $273.2 million to $164.9 million at year-end. (page 9)

33 responses to this post.

  1. Posted by Tough Love on April 21, 2021 at 7:42 pm

    Quoting …………….

    “During fiscal year 2020, the JRS, Prison Officers’ Pension Fund ( POPF), SPRS, Consolidated Police and Firemen’s Pension Fund (CPFPF), TPAF, PFRS,and PERS (collectively the Pension Funds) returned +1.21%, falling short of long-term objectives and reflecting a challenging global economic and investment environment that was amplified by volatility. ”

    The Plans ASSUMES that they will earn 7.5% on it’s LIABILITIES, but instead earned 1.21% on it’s far smaller ASSETS.

    No problem (or risk) for the workers or retirees ………… they just stick it to the Taxpayers demanding HIGHER future contributions.
    ——————-

    Freeze the freaken Plans !

    Reply

  2. During fiscal year 2020, the JRS, Prison Officers’ Pension Fund ( POPF), SPRS, Consolidated Police and Firemen’s Pension Fund (CPFPF), TPAF, PFRS,and PERS (collectively the Pension Funds) returned +1.21%,
    Do all of these funds use the same discount rate? What is that discount rate?
    for the defined benefit pension trust funds, the combined state and local ratios of plan fiduciary net position as a percentage of the total pension liability was 38.37%
    LOL⏫⏫, poor El Feo must be shitting his pants right now 😺

    Reply

  3. Posted by MJ on April 22, 2021 at 6:35 am

    TL, they DON’T care. They were promised and they don’t care who gets screwed as long as they get paid for the rest of their lives. What don’t you get, you sound like a broken record. NJ exists for the sole benefit of the public unions and if you don’t like taxes then NJ is not for you!

    Reply

    • Posted by Tough Love on April 22, 2021 at 8:42 am

      I like living in NJ.

      As usual, just venting because I am far more aware of the HUGE magnitude of the financial rippoff associated with allowing the current level of Pension & Benefit promises to continue.

      Reply

      • Posted by E on April 22, 2021 at 9:05 am

        Well than that’s the trade off.
        Cause MJ is right, you pay roughly $40-50 a year for your local cops pension.
        Ask that Columbus officer if he would want to give some back. He wouldn’t and I wouldn’t either. Of course I want what they said I would get. Who wouldn’t? If that’s YOUR definition of greed than so be it. How would you feel if That asshole Lebron James tweeted that about YOU or your husband? Would you think he should give some of his salary or pension back? If James had any sense of class he would’ve apologized for the tweet and to the officer. But he didn’t. And much of the media didn’t even says he has a knife. No, TL. There is very little hope of this getting better. I was an optimist during my early months in this blog. No longer. We are in a very bad place in this country. In Cincy a 13 yr old black girl killed another 13 black girl. No mention. Wonder why? People in Brooklyn harassing diners saying “we don’t want your fucking money”. Coulda fooled me!
        “We don’t want white people in NYC”. Fine. Split the country up into three already and be done with it. Racist whites get one area. Racist radicals get another. And the rest who want to live in peace get another.
        But yeah, I’ll keep the pension in its current form. Thanks though.

        Reply

        • Posted by Tough Love on April 22, 2021 at 11:13 am

          E,

          Not that it’s a huge amount but your $40-$50 is wrong.

          For a typical NJ Town, I came up with a figure of $197 for the Taxpayer cost per household per year – for pensions.

          But we know that taking a small amount from a LOT of people can make you rich …….. proven in the investment and legal fields (thinks bond yield share for underwriters, and class action legal fees) over & over ……….. and is meaningless in term of whether the compensation is consistent with the value of the service rendered.

          Your Total Compensation of over $250K annually is absurd, unnecessary, and unfair to your Town’s Taxpayers.

          Reply

  4. Posted by E on April 22, 2021 at 9:33 am

    https://www.foxnews.com/us/columbus-police-shooting-protesters-abolition-defunding

    If they were abolished, the victim in that attack (not fight) would have been killed. Not the suspect. This country is tearing itself apart at the seams. Not a single headline on cnn this morning about the Columbus shooting.
    And your main concern is some Biggs study. Lol. Sister, if I lose my pension you can bet your ass that your retirement plan will also be moot as the radicals wouldve defunded it as well and redistributed it to the least productive among us. Kids haven’t been in school in OVER a year in some areas. How will they catch up? And YOU voted for this. But go ahead and tell me about “per Biggs”. 🙄

    Reply

    • If they were abolished, the victim in that attack (not fight) would have been killed.
      You do know that the FEW BLM and Antifa tree hugging wing nuts that make these insane comments are part of the extreme left fringe and account for maybe 1/100th of 1% … Don’t you? The Lame Stream Media is giving them a voice, that is the only reason you see this shit….And it is tearing the social fabric of our country apart. I see Sleepy Joe and the Lefty’s making comments minute after minute, hour after hour, day after day making just made up fabricated shit like our country has “systemic racism”, FUCK Sleepy Joe and the wing nuts, they have already divided the country and are going destroying us, sooner or later beyond repair. We STILL have massive violence in shitholes like Portland and Seattle, for more than a fucking year now. That shit is killing the nation, and it is allowed by the wing nuts.

      Reply

      • Posted by E on April 22, 2021 at 5:05 pm

        Media completely silent on Lebron’s tweet. Not a peep. You’re right. It is literally tearing the whole country apart. No middle ground.
        Rashida Tlaib. Abolish the police. 10 years ago that wouldn’t have even been said because she wouldn’t have gotten elected. My opinion? We are already too far gone. These folks will never pipe down. They have destroyed those cities. It’s disgusting what’s happened to our country.

        Reply

  5. Posted by A on April 22, 2021 at 1:40 pm

    Meanwhile…

    In the nation’s 100 largest public defined benefit pension plans…

    “In 2021, public pensions have continued their strong recovery from a year prior, with the funded status of the Milliman 100 plans increasing to 79.0%”

    “…(up from) 66.0% in Q1 2020. The Q1 2021 funded ratio is the highest recorded in the history of Milliman’s Public Pension Funding Study.”

    One more percent (80), and Bob’s your uncle.

    Reply

    • “In 2021, public pensions have continued their strong recovery from a year prior, with the funded status of the Milliman 100 plans increasing to 79.0%”
      You stoopid brain dead stooge, we have had the longest fucking Bull Market in HISTORY and these fraudulent funds are still less than 80% funded, CA less than 70% funded, IL les than 40% funded you dunce…. These funds should be, easily, 135% funded right now you brain deficient imbecile… Put your MF’ing crack pipe down Moneky Boi 🐒🍌🐒🍌🐒

      Reply

    • Posted by Tough Love on April 22, 2021 at 8:46 pm

      Quoting Stephen Douglas ……………

      ““In 2021, public pensions have continued their strong recovery from a year prior, with the funded status of the Milliman 100 plans increasing to 79.0%” “…(up from) 66.0% in Q1 2020. ”
      ————————————
      Shame on you for AGAIN misleading…… although not surprising.

      Didn’t you think we’d notice that you cherry-picked the LOW POINT (1-st Q 2020 with the 66.0%) to compare to Q1 2021 with 79%. As though you didn’t know that Q4 2019 (just 1 quarter earlier) was 74.9%. Still an improvement, but hardly the huge increase your were trumpeting.

      ———————–

      AND of course, anyone following these discussions knows that the REAL Public Sector DB Plan funding ratios are MUCH lower than what Gov’t Plan Sponsors publish because THEY use optimistic/aspirational/risk-ignoring interest rates in their calculation.

      Do the calculations the SAME what Moody’s does (or using the SAME assumptions/methodology used by in PRIVATE Sector DB Plan valuations) and the 79% would assuredly be well below 60%……………… SO poor that the US Gov’t would disallow (by Regulation) any further pension accruals.
      ————-

      Tisk Tisk Stephen for still BSing us.

      Reply

    • Posted by A on April 22, 2021 at 9:20 pm

      Sarchasm

      See MPC 80 percent hall of shame.

      Reply

  6. Posted by MJ on April 22, 2021 at 4:52 pm

    TL, venting??? venting to who??? the same 6 people on this blog 🙂

    We get where you are coming from. We get your calculations at least I do.

    Good God, if you like NJ, then just accept it for what it is. E will get his pension, I will get my retirement benefits, you will get yours and life will go on

    We have bigger problems in this country right now than police pensions…..at least they worked during the last year. You voted for this although the other guy wasn’t much of a choice either.

    Put on your big girl panties and just accept it for what it is!

    Reply

  7. Posted by geo8rge on April 22, 2021 at 7:41 pm

    2019 Deductions: 12,331
    Change 2019 to 2020: 352

    Change as a percent on 2019 deductions (352/12331): 2.85%

    Something growing at 2.85% per year doubles in 25 years.

    Reply

  8. […] Posted on April 22, 2021April 22, 2021 by Mary Pat Campbell NJ Pension CAFR […]

    Reply

  9. Posted by MJ on April 23, 2021 at 6:47 am

    A, I think what I meant to say was the six or so people who comment regularly on this blog. I forget how I stumbled onto Bury but I personally don’t have the time to blog all day venting about police pensions. But if that’s TL’s thing then to each his own

    Reply

  10. Posted by MJ on April 23, 2021 at 11:31 am

    Hey Rex,

    I wouldn’t get too excited but I just read where Caitlin Jenner file papers to run for governor of CA 🙂 Will she complete against Gavin? How’s the recall coming along?

    Reply

    • Hey Rex,

      I wouldn’t get too excited but I just read where Caitlin Jenner file papers to run for governor of CA 🙂 Will she complete against Gavin? How’s the recall coming along
      There WILL be a recall, and it is 50/50 if Gov HairGel Gruescum survives it. Since Joseph Graham “Gray” Davis was recalled just a few years ago over similar bullshit, back in 2003, I do expect Gruescum will lose. Don’t forget, we had 500++ people run back then. I would expect more of the same. Wingnut type shit that ONLY happens in Krazee KA.

      Reply

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