Archive for the ‘New Jersesy Pension’ Category

Response To Murphy Address

The obvious from form Lt. Gov Kim Guadagno:
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and Republican Assemblyman Jon Bramnick:
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Both are right on. None of the big issues were addressed and they will not be in the foreseeable future – which is exactly how the people who installed Phil Murphy prefer it.

 

Murphy Addressing New Jersey

Chris Christie devoted quite a bit of time to the state of the state pension in his state of the state addresses. Phil Murphy is giving his first one today at 2 pm and you can watch it here with my comments below:
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Bramnick on Generosity of NJ Benefits

Jon Bramnick happens to be my representative in the New Jersey Assembly and he is concerned about the public pension crisis we have here:
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But he completely misses the point about the generosity of employee benefits as being the root cause of the crisis.

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NJ Flailing in Deep Waters

New Jersey has a deep pension-funding crisis.

New Jersey has some of the highest debts, lowest credit ratings, highest tax rates, lowest citizen satisfaction rates, and highest out-migration rates of any state. Its responses have proven futile or counterproductive. While the pension crisis has arisen largely from a lack of citizen oversight, the state has recently increased government-worker control. While it has failed to fund its pensions, it has recently made a cosmetic dedication of lottery revenues that will only serve to hide—not correct—underfunding. And while the state already shows signs of tax-base flight, it contemplates enormous tax increases. New Jersey’s future likely requires its officials to reduce pension promises for work not yet performed and to trim some already-granted pensions that run in excess of earnings during working years and reasonable New Jersey compensation levels.
Introduction to Mercatus Working Paper: The New Jersey Pension Crisis

Other notable excerpts (FYI – ‘sclerotic’ means rigid and unresponsive; losing the ability to adapt.)

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Class Action Plaintiff(s) Sought

New Jersey public employees are paying excessive fees in their noble effort to save for retirement.

Why pay 2.2 percent when the same 403(b)/457(b) investment is available at 0.2 percent?  Your employer is violating the fiduciary standard when the higher cost version of a fund is placed on the plan’s investment menu when the lower cost version of the same fund is readily available.

A Class Action lawsuit must be filed to stop this predatory abuse.  More detail including contact information here

Two State Solutions

Recently New Jersey gimmicked their public pension system out of the funded-ratio cellar, moving past Kentucky, and that passes for progress here.

Whereas Kentucky passed legislation (that was overturned last week) New Jersey closed out their legislative year today with no action on pensions. It gets even starker.

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Murphy on Safari for Pension Game

Prior to his trip to Tanzania New Jersey Governor Phil Murphy made some time to exhibit his obliviousness:
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My takeaway:

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