Archive for the ‘New Jersesy Pension’ Category

Who Doomed Your Pension

Back from the hiking/shooting/driving/swimming/chatting (not all of which I participated in) day trip and being on a sensible keyboard I can expound on the issues raised in the last blog.

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Why Your Pension Is Really Doomed

The Wall Street Journal picked up on a “novel analysis” by Wirepoints comparing the growth of state pension liabilities relative to state GDP and fund assets which concluded that the real problem “is that politicians have promised over-generous benefits.” It’s not.

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Pension Perspective Breakdown in NJ

NJ Spotlight’s John Reitmeyer joined NJTV News for what they called a “Budget Breakdown” with Part 1 being on the pension system.
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What we have here is a reporting breakdown as perspective goes out the window and your typical NJTV viewer is likely to be more confused at the end of the piece if they did not already grasp the basics:

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NJ Republican Pension Focus

State Senator Tom Kean Jr. (R), when asked directly what to do about the pension crisis in New Jersey, gave an answer within his two minutes of allotted time that had nothing to do with pensions:

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Breaking News: S5 Signed

The New Jersey State PBA is telling its members to celebrate:

as the Office of the Governor just announced:

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NJ Abyss

According to a Bloomberg article:

The 2019 budget brings New Jersey “one step back from the abyss,” said [Governor Phil] Murphy, a retired Goldman Sachs Group Inc. senior director and former ambassador to Germany, who took office in January. “This is a major step, but it’s one step,” the Democrat said as he sipped iced tea at a Red Bank restaurant near his riverfront mansion, in his first media interview since signing a $37.4 billion spending plan for the fiscal year that began July 1. Dressed in jeans, his trademark Allbirds woolen sneakers and a taco-patterned shirt in recognition of Mexico’s World Cup match with Brazil, the 60-year-old governor gave a glimpse of weeklong negotiations with Democratic legislative leaders.

Like a lot of the coverage of this budget-setting charade, we learn far more about Murphy’s history and tastes then we do about the numbers. According to a Sobel & Co email these are the taxes that are supposed to raise $1.5 billion:

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Drivers of Public Plan Underfunding

My Summer, 2018 issue of Plan Consultant (An Official Publication of ASPPA) came in the mail today, just in time to pore over in the passenger seat of what could well be a four hour drive to Newington, CT, but first, excerpts from an article by past ASPPA president Joseph A. Nichols that this group may find interesting.

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