Archive for the ‘New Jersesy Pension’ Category

New Jersey makes (last?) pension contribution

P&I reported that “Jennifer Sciortino, a state Treasury Department spokeswoman, confirmed Wednesday that the state made the full $684 million payment on March 31, the end of the third fiscal quarter.”

The next payment by the state is also $684 million and it is due by June 30, 2020. Here are four reasons why it won’t be made:

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NJ Public Benefit Delusions

Which is bigger? That the hole is only $222 billion or that Murhpy is on Sweeney’s Path to Progress?

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NJ Pension Contribution Not There Yet

At today’s coronavirus press conference New Jersey Governor Phil Murphy was asked the pension question:

His response and my take:

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NJ Pension Return Coverage

More coverage of the New Jersey State Investment Council meeting yesterday with highlights from:

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N.J. pension fund loses billions in coronavirus market chaos

That was the headline reporting on a teleconferenced State Investment Council meeting today where Investment Director Corey Amon made the following comments.

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Another Holiday Coming?

The New Jersey State Investment Council will meet today at 10 (by telephone) and we may find out if full pension contribution holidays will return as a $684 million quarterly payment would be due next week.

P&I reported that state Treasurer Elizabeth Maher Muoio sounded an alarm late Monday in a voluntary disclosure statement sent to bondholders. The notice didn’t provide specific numbers other than to report that New Jersey had frozen $920 million in state spending for the current fiscal year “to ensure sufficient cash and budget authority to meet emergency and statutorily required obligations.”

Among the key points in the letter to bondholders:

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New Jersey Retirement System Under-Panic

Excerpted from an email* sent out by New York State Comptroller (and sole fiduciary for the NYS pension funds) Thomas P. DiNapoli to interested parties:

The state’s pension fund also faces challenges. Financial markets remain in turmoil as we near March 31, when we calculate the fund’s year end value. Fortunately, our state’s retirement system is well-funded. I want to assure the more than one million men and women, who rely on the state pension fund for retirement security, that we are well-positioned to weather the ongoing volatility. To our retirees, your pensions are safe and we will continue to pay your benefits as promised.

If the New Jersey Office of State Comptroller were to send out a similar email that paragraph would likely be omitted since…

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