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RNSP (3) Drop-Dead Date for New Jersey Plan

During 2021 New Jersey public pension plans would have run out of the money at a time when they will need to pay retirees about $25 billion annually in pensions. Here is how I arrived at that date and number and read further for my justifications on the assumptions.

Explaining the GASB Funding Ratio Drop

In a Supplement (dated 11/25/14) to a Preliminary Official Statement (dated 11/19/14) for a bond sale the state of New Jersey disclosed that, under new rules promulgated by accountants, the funded ratio of the New Jersey Retirement System as of June 30, 2014 is 44% for all plans and 33% for the portion the state […]

Moving the Goalpost on New Jersey Pensions

When politicians get in a room with only their immediate enablers to bang out solutions to real problems without consulting any real experts they often come up with moronic ideas, designed to solve  through deception,  but this one by the New Jersey “Legislature’s leading expert on pension issues” might be the dumbest one ever.

Frustrating Pension Reform in New Jersey

The New Jersey pension system is “teetering on the brink of collapse” according to State Senate President Stephen Sweeney in arguing for a bill that will do absolutely NOTHING to forestall that collapse as admitted in the Fiscal Impact section at the end of that bill summary: “According to testimony provided by the Department of […]

RNSP (2) – Drop-Dead Dates for State Pensions

Earlier this year Joshua D. Rauh of the Kellogg School of Management at Northwestern University released a paper that set drop-dead dates for selected state pension plans to which the government-plans community objected.  I too had my doubts about Professor Rauh’s methodology and assumptions and, having recently done my own study of 110 public pension […]

NJ Pension Payback Bill (2)

According to observer.com on Thursday: A5322/S3620- The Assembly will vote on a bill that would allow former Camden Mayor Dana Redd—as well as some other elected officials—to re-enter the public pension system she left in 2010 when she left the Camden city council in order to become mayor. The bill has been controversial, partly because New […]

Dopey and Sleepy on Tax Policy

. And that’s how tax policy is formed in New Jersey – under deadline based on dodgy numbers with no time (or inclination) for even the slightest review which, in this case, would show:

Protecting Your Pork

John Galandak, president of the Commerce and Industry Association of New Jersey, had an op-ed in the Star-Ledger today arguing against a constitutional amendment requiring the state to make some predefined (and malleable) level of pension contributions arguing that: By shedding a critical component of the budget decision-making process the legislature would be abrogating its […]

More Questions After the Burgos Decision

According to the state Supreme Court, New Jersey now needs to make pension contributions based on how much it can afford which means those mini-payments that a corrupted political/actuarial cabal comes out with can be completely ignored….and they will be.  So where do we go from here? Here are the four big questions with my […]

California v. NJ; Brown v. Christie

Seeing these two in any athletic contest would not be nearly as dispiriting as comparing their pension reforms: