Archive for the ‘New Jersesy Pension’ Category

Pension Black Magic

What you get out of this discussion on Reporters Roundtable this morning about the scheme to move the New Jersey lottery into the pension system is confusion about how this will save any money:
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  • black magic
  • counterintuitive
  • found money

Not really. Here’s the deal…..

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Why Lottery Charade

Another stupid pension faux-fix for the New Jersey retirement system:

Broadly, New Jersey’s lottery will become an asset of the pension fund, just like all of the fund’s stocks, bonds and other investments.

The state hired an outside consultant to determine the value of the fund, and it came back with $13.5 billion. That would immediately slash the state’s pension debt. Treasurer Ford Scudder said the valuation will be updated regularly.

Over the next 30 years, the revenue generated from ticket sales would add $37 billion to the pension fund. The lottery would revert to the state budget after those 30 years.

Why the charade?

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Evading the NJ Pension Issue

Another New Jersey gubernatorial debate (this one for Democrats only) with the pension issue brought up and evaded.
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Pension Question in NJ Gubernatorial Debates

About all we found out from tonight’s two debates was that none of these six people understands the scope of the problem.
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NJ Pension Payout Update With Cap Study

New Jersey has updated their listing of people in the state pension system for both active participants as of 12/31/16 and retired participants as of 3/31/17 and you may be interested in seeing the payout numbers.

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Public Pension Reporting and Disclosure: The Dark Side

In a continuing effort to forestall having public pension plans file 5500 forms that would allow for relevant disclosures and honest comparisons the CSLGE and NASRA jointly released a paper on how well the current patchwork system of governments reporting on themselves is working by cherry-picking examples from five systems:

  • California State Teachers’ Retirement System (CalSTRS)
  • Public Employee Retirement System of Idaho (PERSI)
  • Maine Public Employees Retirement System (MainePERS)
  • South Carolina Public Employee Benefit Authority (PEBA)
  • Texas Municipal Retirement System (TMRS)

New Jersey (with that 37.5% funded ratio) was not one of the systems picked and, when comparing the commendable features listed for those five systems to what New Jersey does, for good reason.
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NJ Gubernatorial Candidates Agree on Pensions

Insolvent/unsustainable:
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But beyond admitting the obvious?

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