Archive for the ‘New Jersesy Pension’ Category

Fixing the NJ Pension System for Dummies

We have made great progress, especially in the past year, to put our pension system on the road to full funding.
Steve Sweeney (D-Gloucester) president of the New Jersey Senate

Steve Sweeney is also running against a Republican (and a teachers’ union) next week so we get this distortion of reality piece targeting the innumerate. Among the inanities:

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Kentucky Pension Bill

The Kentucky public pension system is almost as bad as New Jersey’s when you look at the numbers though not nearly as bad when you examine the actions being taken to address problems – lip service in New Jersey and this 505 page bill introduced late Friday in Kentucky which starts off with:

The funding requirements to support the Commonwealth’s current public pension systems are unsustainable and severely constrain the capacity of state and local budgets to allocate adequate funding to support vital public services and thereby undercut the General Assembly’s goal to promote the general welfare and material well-being of the citizens of the Commonwealth (page 1)

Having some understanding of the scope of the issue Kentucky gets:

Whereas in New Jersey we get:
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#1 Pension Priority for NJ PBA President

The latest issue of NJBLUENOW has a featured interview with New Jersey State Police Benevolent Association president Patrick Colligan where he answers (on page 28) the question:

Where do you see our pension in four years and do our retired members get to see the return of COLA?

Phony actuarial numbers provide an illusion that system survival is not the priority. Instead….
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Murphy’s Pension Plan: Find Some Money

There will be a gubernatorial election in about two weeks and this is what passes for discussing serious issues:

With government revenue you can only ‘find’ money by ‘taking’ it from someone and ‘tens of billion of dollars’ is a lot to ‘find’.

Here are the full 4 minutes allocated to the pension issue:

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New Jersey Tops Another List

S&P Global Ratings did a comparison of the per person costs of pensions, OPEB, and other debt among the states and New Jersey topped the list – by a lot.

Now the worse news.

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Cautionary Tale for New Jersey

Regina M. Egea was the Chief of Staff to New Jersey Governor Chris Christie from December, 2013 through in April, 2016 and is now president of Garden State Initiative (GSI) which she describes as:

an independent, nonprofit organization, we take seriously our commitment to examine public policy options and offer alternative, intellectually honest solutions. Our goal at GSI is to offer timely, useful and, yes, even at times provocative alternatives to the standard “tax more and spend more” mantra that plagues our state.

Their first initiative: criticizing Connecticut.

Some excerpts and then the takeaway:

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NJ Gubernatorial Debate on Pensions – Part 2

In the first debate New Jersey’s next governor claimed to have a ‘very, very credible plan’ to fully fund the state’s public pensions. At tonight’s second, and last, debate he was asked what it is:

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