Archive for the ‘New Jersesy Pension’ Category

NJ Gubernatorial Debate on Pensions

The main takeaway:
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My question:
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New Jersey Pension Angst

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AFP’s solution:

  1. Understand the problem
  2. No tax hikes
  3. 401(k) plan

The problem:

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Pensions For Lobbyists

Assemblyman Paul D. Moriarty yesterday announced that he plans to introduce legislation to bar lobbyists from eligibility for New Jersey taxpayer-funded pension and health benefits.

The bill would prohibit officers and employees of several non-governmental agencies including the New Jersey State League of Municipalities, the New Jersey Association of Counties and the New Jersey School Boards Association from being eligible for state pension or health care benefits. The measure also would apply to officers and employees of any school board insurance group, any county college joint insurance group, any county or municipal joint insurance fund and any corporation designated to manage a special improvement district established by municipal ordinance.

Undoubtedly a worthy initiative but exactly how much tax money are we talking about here?

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Trusting Murphy on Pensions

New Jersey’s next governor took a stance on the public pension issue when it came up at a town hall meeting last night. The key word…
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Truth on NJ Fiscal State

Truth in Accounting released a report today on the Financial State of the States based on data provided by the states.

New Jersey came in last based on the numbers but we have two, if not entirely unique at least exaggerated, burdens to bear here that put us in a much worse fiscal position:

  1. A property-tax cap that exploded local debt: To keep gravy trains fueled after a 2% tax-cap was enacted in 2010 localities looked to repay campaign bribes with debt that is now sinking Atlantic City with other cities (Roselle) about to follow.
  2. Our politicians: Unlike Illinois and Connecticut where politicians are struggling to find solutions (however misguided) to their pension crises, in New Jersey we have a fairly reasonable way forward gathering dust and key positions in government staffed with assholes and miserable pricks (per opening arguments).

Though tragic on its own, this is not the whole story:

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What NJEA Bought

On Thursday I witnessed seven of eight Union County politicians, against the will of the majority and common sense, repaying their campaign donors.

Today nj.com focused on the cautionary tale of New Jersey Senate President Stephen Sweeney who crossed the teachers’ union and has wound up fighting against their money. In his defense (and including an astounding admission):

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Hedging Bets

New Jersey’s next governor, Phil Murphy, in a facebook town hall had some thoughts on the state’s retirement system investing in hedge funds:
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Without those inflated values that Alternative Investments get to make up the funded ratio of the New Jersey retirement system (by one measure the lowest of any state at 30.9%) would be even lower. And then there is the issue of what hedge funds are into. We got a peek this week.

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