Archive for the ‘New Jersesy Pension’ Category

NJCPA On Path

The New Jersey Society of Certified Public Accountants (NJCPA) this week strongly endorsed the pension and benefit reform recommendations spelled out by New Jersey’s Economic and Fiscal Policy Workgroup in its “Path to Progress” report. In conjunction with the press release the group also had a conversation with Senate President Steve Sweeney from which the following clips are taken:
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Blaming the NJ Supreme Court

The last recorded portion of the pension forum at Monmouth University was a question/accusation seeking to finger a villain in the pension crisis that elicited this response from Senate President Steve Sweeney:
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Here is the full question and most of the answer (until the Monmouth people stopped recording):

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Monmouth Forum on NJ Pensions – Videos

The forum on pension funding held at Monmouth University on 9/28/18 is now online. Some notable video excerpts:

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NJ Pension For a Felon

PoliticoNJ noticed in an article that “former Passaic Councilman Marcellus Jackson, bounced last week from his Murphy administration job because of his 2007 corruption conviction, never forfeited his pension despite a state law that says he should have, according to public records.” Our governor’s reaction to someone who admitted to taking bribes:

“He made a mistake. He paid a price. He repented. He did what he needed to do and he raised his hand and he asked for a second chance,” Murphy told reporters Tuesday.

Assemblywoman Holly Schepisi (R-Bergen) had a different reaction:

“A law was broken and so was public trust, so this won’t go away with a simple resignation,” Schepisi said in a statement Wednesday. “I am highly confident the attorney general will conduct a complete investigation, but Governor Murphy still owes a better explanation to the public.”  In a phone interview Thursday, Schepisi called for a “comprehensive audit and analysis” to determine whether there are other corrupt former public officials still in the pension system, or if any are receiving pensions to which they’re not entitled.

I wondered about that also.

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Pension War in NJ

NJTV’s coverage of a forum on pension funding that was held at Monmouth University on Friday adopted a military theme:
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The battle plan is to divert new hires and those with under five years of service out of the traditional defined-benefit plan and into a proposed defined-contribution retirement system which, if you were to review state data of active members, would be like going against an M1A2 SEP with buckshot.

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Sad State of Affairs

The top Democrat and Republican in the New Jersey legislature are on State of Affairs this week with remarkably similar outlooks on our public benefit crisis:

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Albanian-Style State Pension Returns

Albania’s economic statistics looked great: 9.6 percent growth in 1993, 8.3 in 1994, 13.3 in 1995, 9.1 in 1996. And that should tell us something about the gullibility – or the stupidity or, maybe, the corruption – of the people who compile economic statistics.

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“Then how,” I asked, “did so many Albanians get suckered in?”

“They knew,” Nishku said, “so much money could not be made honestly. They thought there was smuggling and money laundering involved to make these great profits.”

Herein the lesson. The Albanians didn’t believe they were victims of a scam. They believed they were the perpetrators.

P.J. O’Rourke – None of My Business (pages 19-21)

Coincidentally, after I read that, the New Jersey State Investment Council had their first meeting in four months reporting net returns of 9.06% for the fiscal year ended June 30, 2018 and PEW released a report on State Public Pension Funds’ Investment Practices and Performance showing about 7% average returns over the last five years that included a handy spreadsheet which, after a little manipulation, yielded this summary of where pension assets are invested:

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