Archive for the ‘New Jersesy Pension’ Category

Why should N.J. taxpayers pay 50 percent more for public workers’ benefits, pensions?

That is the headline of an op-ed piece written by Regina Egea, president of Garden State Initiative (GSI), referring to an analysis her group did on The Stark Gap Between Public and Private Employee Benefits which claims:

A review of data for the cost per hour of pension and health benefits shows those costs for the U.S. public workforce is double the cost in the private sector. And New Jersey sticks out since our cost of benefits for public sector employers is 50 percent higher than the public sector in other states.

I have three answers:

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NJ Retiree Update – June, 2019

Based on state pension data updated through June, 2018 there were 335,940 retirees getting annualized pensions of $10,928,305,817.

The June, 2019 numbers just came online and there was a substantial jump.

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Path to Progress: Around Murphy

Reform of public pensions in New Jersey, as otiose as it will be, will have to pass without any help from Governor Phil Murphy and Senate President Steve Sweeney understands the reason why:
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Full pension segment from NJTV interview:

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NJ: Democrat Bile – Republican Guile

Democrats and Republicans have slightly different modes of corruption here in New Jersey.

Democrats, with a super-majority, only need to come up with noble sounding projects (cancer programs and roads) where campaign donors can get a a cut and they can get re-elected. Republicans need to project an image of fiscal responsibility so if they luck into an office they can pursue policies (private prisons and political payback) to get re-elected and line the pockets of campaign donors when possible.

So it is that when a Democrat governor looks to extract revenge against a recalcitrant Democrat legislator by blocking some funds that George Norcross would wind up that his actions get labeled Bridgegate on steroids while the Republican criticism of the FY20 budget digs up the pension crisis that a Republican administration had eight years to address.

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NJ Governor Can’t See Savings

New Jersey Governor Phil Murphy in making media appearances to build up suspense about what he will do with the FY20 budget was asked a real question on CNBC about cutting benefits for future public employees and he donned his NJEA spokesman hat to give one of the more bizarre justifications for his toadyism:
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Think about what he just said (in between the ramblings) on what happens when you promise someone less:

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Who’s the Judge?

With a load of legislation on the docket including the FY20 budget this is a good time for legislators to sneak in a bill that helps out a friend. So it is with S3986*, introduced on Monday and passed by the Senate today, which would

permit a member of the Judicial Retirement System [JRS] to resign as a judge and apply for but defer retirement in order to serve as a county prosecutor upon [being] appointed by the Governor. To be eligible, the member must be at least 65 years of age and have at least 25 years of continuous service as a judge.

The reason behind this is that if a judge were to take a county prosecutor job and die before he commenced his JRS pension then his beneficiary would get less. To protect that beneficiary there is this language:

If such a person dies while in service as a county prosecutor, the death shall not be considered a death in active service. The beneficiary shall be eligible for a pension or survivor’s benefit,and for any death benefits, based on the approved retirement application and the retirement shall be effective as of the date of death. The election by the member of an option in accordance with in section 1 of P.L.2002, c.54 (C.43:6A-16.1) shall become effective and payable.

The question then is who is this judge?

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NJ Pension Boost Scheduled for Thursday

There is a lot on the table for the New Jersey legislature to rubber stamp* including S1403 which passed the State Senate unanimously in February, an Assembly Committee in March, and will, along with the FY20 budget, get passed tomorrow. Continue reading