Archive for the ‘New Jersesy Pension’ Category

Local Double-Dippers

Filtering data on participants in the New Jersey retirement for only those linked to Union County (including municipalities and authorities) yields 39,350 entries with total annual salaries of $1,353,357,535 and pensions of $612,010,813. Of those, 178 participants are double-dippers with annual salaries of $7,816,950 and pensions of $6,281,373 who fall into four categories (with examples): Continue reading

$1 Billion to NJ Double-Dippers

New Jersey has updated their listing of retirees in  the state pension system. As of June, 2017 there were 328,932 retirees getting annualized benefits of $10,562,840,926. There is also a listing of participants in the pension system as of March 31, 2017 who are still working and not yet receiving benefits. Adding those 400,257 participants making annualized salaries of $24,788,234,410 into a spreadsheet with the retirees and sorting through the data we found several entries that had the same last name, first name, and year of birth. Some worked two or more jobs, a few got two pensions, and many had both a pension and a salary. Total annual take: $586,475,721 in salaries and $407,554,553 in pensions.

Here is a spreadsheet of those participants sorted alphabetically for your review. Since there were no assigned participant numbers there may have been different people who happened to have the same name and year of birth (especially among the Smiths) so keep that in mind when searching through the spreadsheets.* After some more sorting these retirees topped the list:

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Media Watching Itself

I just came across a One on One with Steve Adubato program recorded last March where Andrew George of NJBIZ makes three valid points (two overtly):

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New Jersey Retirees Under Christie

New Jersey has updated their listing of retirees in  the state pension system. As of March, 2017 there were 325,937 retirees getting annualized benefits of $10,465,934,978. As of June, 2017 there were 328,932 retirees getting annualized benefits of $10,562,840,926.

Breaking down these retirements by year* we see an interesting pattern:

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Wizards of Lies In New Jersey Too

Watchdog.org had a piece on the Bernie Madoff story as told in the HBO documentary “The Wizard of Lies“:

A strong case can be made that public pensions are eerily similar to a Ponzi scheme, and that a similar collapse in some of the most underfunded systems in the country might be inevitable. That would mean an untold number of new victims that would make the Madoff case seem relatively minor by comparison.

The difference between a Madoff-like Ponzi scheme and the public pension crisis is that government is complicit in the latter, and that dedicated public servants, state retirees and taxpayers are the ones at risk.

I have been making that case for years and I see parallels between this:
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and this.

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Lottery Asset Lie

Governing calls it creative:

In New Jersey, the state is pledging its lottery — which an outside analysis determined was valued at $13.5 billion — as an asset to state pension funds. The action would reduce the pension system’s $49 billion unfunded liability and improve its funded ratio from 45 percent to about 60 percent, according to State Treasurer Ford Scudder.

It is also a gimmick testing the limits of stakeholder credulity.
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Nothing Bold on Horizon

Kudos to Steve Adubato for focusing on public pensions in New Jersey on his State of Affairs program, as in this week’s discussion with Alfred Doblin, Editorial Page Editor of The Record;
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Brickbats for the three-minute time limits and propagating pension newspeak:

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