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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 […]

America’s Ugly Election

England, as represented by an article in The Economist this month*, is properly perturbed about our November election since: America is unusual in the degree of power it gives to Republican and Democratic partisans to administer elections. Decisions over who is removed from lists of eligible voters when they are updated, the design of ballot […]

Filling (and Ranking) State Holes

If the Democrats sweep, states and their pension holders will be bailed out, either through direct financial support from the federal government or at the expense of bondholders, or both (“The Trillion Dollar Hole,” Cover Story, Aug. 28). If the Republicans retain the Senate, there will be little if any bailout money going to the […]

Counting NJ Deaths – June Update

Comparing the provisional figures of deaths in New Jersey by county released by New Jersey’s Center for Health Statistics and Informatics to deaths attributed to coronavirus by county as of June, 2020 in this updated spreadsheet shows the gap we had a couple of months ago almost gone and deaths from all sources reported in […]

Priorities

Here is a glimpse inside the workings of government in New Jersey from an nj.com story that Murphy was questioned about soon after it appeared: . . Murphy’s non-response is at the bottom:

Financial Condition of the NJ Budget

The report on the impact of the pandemic on the New Jersey budget is all conjecture as the primary variables (the length and scope of the lockdown) are unknown (even to the governor). However, when you consider that it was announced (a little too cheerily for my taste) yesterday that there were 1,394 new positive […]