Archive for the ‘New Jersesy Pension’ Category

NJ Pension Reforms Coming This Summer

On the Record with New Jersey Senate President Steve Sweeney and we find out that there is some sort of committee out there that is going to release some sort of report this summer with some really big reccomendations:
.

.
First off…

Continue reading

S5 NJLM Take

The conditional veto of the PFRS transfer bill went on for 14 pages in a format that made understanding what it really did difficult without cross-checking the original bill. Luckily the New Jersey State League of Municipalities (NJLM) took on the task and came up with this helpful summary (which included at least two other pimp slaps of the unions that I have not seen mentioned anywhere else):

Continue reading

S5 Reporters Take

The only video reaction so far to the conditional veto of S5 is a minute from John Reitmeyer of njspotlight.com:
.

.
The problem here….
Continue reading

S5 Veto Reaction

After the last governor called him a ‘pension pig‘ Patrick Colligan, president of the New Jersey State Policemen’s Benevolent Association, laid into Christie after last year’s conditional veto of the PFRS pension transfer bill:

Governor Christie’s decision to conditionally veto Senate Bill 3040 is the final proof, if proof were needed, that he is intent on destroying the pension system before his term is complete.The legislation he vetoed represented the best practices of well-funded and professionally managed police and fire pension systems from throughout the United States. Its primary purpose was to remove the New Jersey Police and Firemen’s Retirement System (PFRS) from the political interference and blatant mismanagement of the State that has underfunded it for nearly 20 years. It would have placed PFRS into the hands of the employers and employees who fund and benefit from it by focusing primarily on fully funding the system. This would have been accomplished by hiring professionals and money managers who would focus only on PFRS with oversight from a new Board of Trustees who could direct the system outside of the political winds in Trenton.
……………………
Chris Christie would rather play games and use poison pills in a veto than admit he has failed our members and give us a chance to do what he has proved he can’t do.
Thankfully he will no longer be Governor in 8 months and we look forward to moving this common sense proposal when his time in Trenton mercifully comes to an end.

Yet with this year’s conditional veto by a governor who was presumably bought and paid for by the unions the reaction bordered on ecstasy:

Continue reading

Breaking News: Murphy Acts on S5

It is now up on the New Jersey legislature website* with nj.com reporting:

Continue reading

RFP Funding Factor

A Bloomberg story pegging Wisconsin as having the best funded public pension retirement system in the nation starts off:

The latest Pew Charitable Trusts report on the state pension funding gap, which came out last month, has many words of warning for states that are “on an unsustainable course, coming up short on their investment targets and having failed to set aside enough money to fund the pension promises made to public employees.” New Jersey is in the worst shape of all, with pension fund assets that in 2016 added up to only 31 percent of liabilities.

New Jersey may still be last (depending on how Kentucky plays it) but not for lack of assumption manipulation. Which got me to thinking.

Continue reading

Murphy Veto

My guess is that Phil Murphy will veto the PFRS transfer bill late on Friday and the job this week is to settle on the most palatable excuse. The possibilities (with likelihood percentages) of what they will go with:

Continue reading