Archive for the ‘New Jersesy Pension’ Category

Danger in Trusting Actuaries

An op-ed in today’s njspotlight argues that NJ pensions are not expensive:

If you look under the hood at the last actuarial report for the TPAF — the Teachers’ Pension and Annuity Fund — you’ll see that it covers about 141,000 active members with a total payroll of $10.6 billion. To cover the ongoing costs of these members’ accrued pension obligations — what’s known as the Normal Cost — the state owes less than $400 million.

If that’s the case then…..

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Mr. Fix-It-Again Tour

This week’s stop was at an impromptu CWA convention at Monmouth University:
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Skepticism is warranted on several fronts:
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Roadblock to NJ Pension Reform

State Senate president Steve Sweeney has taken over what used to the ‘Ask the Governor’ program on nj 101.5 and last week he was asked
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Are the votes there for an override?
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Full pension discussion:
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NJ Pension Boost In Assembly Committee

S1403 passed the State Senate unanimously last month and today it got a hearing before the Assembly State and Local Government Committee. Their recommendation…

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NJ Budget 2020 Spin on Pensions

NJTV weekend shows gave a few minutes to pension funding in the FY20 budget starting with State Treasurer Elizabeth Maher Muoio acknowledging the ponzi aspect of the plans:

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Murky Murphy Math

According to Governing Kentucky and Illinois are taking drastic and risky measures to fix America’s brokest pension systems yet in New Jersey we have this pension minute:
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That $3.8 billion represents 70% of an already understated ‘required’ contribution and, even with the additional $4 billion going into the plans from localities and public employees, is far below the $11 billion being paid out.

As for Sweeney’s Path to Progress suggestions:

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New Jersey’s Financial Cliff

The New Jersey Business & Industry Association today released its analysis of audited state revenues, expenses and debt, which shows that over the past 10 years state expenses have significantly outpaced state revenues, and state debt has ballooned by 382 percent.

Tomorrow we jump.

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