Archive for the ‘New Jersey Government’ Category

NJ Chooses Insecurity

Enacted by state legislators and Gov. Phil Murphy in 2019, the New Jersey Secure Choice Savings Program was supposed to make IRA-type retirement funds available to state residents who work at private businesses with 25 or more workers.

This was supposed to be a windfall for those of us in the pension administration business anticipating employers who would not trust the state to secure pensions for their employees to set up their own private plans. However, the state has been missing deadlines and according to an article in northjersey.com, it may never happen.

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NJ Pension Fund Savior

There are a lot of frustrating aspects to living in New Jersey. This is number one:

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Kicking the Tyros

It’s official:

All that our governor, who like the majority of office holders in this state are chosen for their ability to reward party faithfuls and have no experience in (or inclination for) handling real crises beyond allowing them to fester, could come out with:

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Nothing But Sympathy

When asked what New Jersey government has for people suffering economic carnage here:
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True enough. A bankrupt state waiting on federal assistance or junk bond status, whichever comes first, has nothing to offer. Four months in and a strategy is still MIA. It should be painfully obvious that we are each on our own.

Full segment here along with a clip from June 18 on what Meet the Press should be asking about:

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Plugging Bad Data and Leakers

Maybe we’re not getting the best outcomes from having the products of our warped political system basing life-and-death decisions on charts that some operative’s google results spat out which nobody on that dais understands but is now stuck with. From July 2:
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Today:
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The obvious questions:

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Neuwirth v. NJ – We Can Cope Without Them

The Asbury Park Press story links to a copy of the lawsuit which, when excerpting the salient points, tells a more interesting tale than any press piece.

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Bubble Boy Town Hall (1) NJEA Payoff

Bubble Boy is what came to mind driving back from a Phil Murphy Town Hall which looked designed to keep him insulated from real issues as it was broken down into:

  1. 15 minutes of introductory remarks,
  2. 35 minute stump speech, and
  3. 20 minutes of pre-screened questions including this one:


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Granted tougher than anything Steve Adubato would think of asking but still not what someone considering a move to New Hampshire wants answered.

The full Murphy segment of the Town Hall is at the bottom here and I will get to much of it in future blogs to justify my ‘bubble boy’ appellation.

To start, here is the red meat thrown to the New Jersey Education Association (NJEA):
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New Jersey: Looking To Decimate More Than Public Pensions

Tired of making money in your 401(k) plan? New Jersey can help with that. According to nj.com:

A proposal to create a state-run retirement system for private-sector workers in New Jersey whose workplaces don’t offer employer-sponsored plans is now in Gov. Phil Murphy’s hands.

The legislation would require that businesses with 25 or more employees that don’t offer a retirement plan make the new payroll deduction available and encourages businesses with fewer than 25 employees to do the same.

Private-sector employees would be automatically enrolled in the “New Jersey Secure Choice Savings Program” at 3 percent of their pre-tax income unless they choose to enroll at a different level or opt out altogether.

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A board of officials would manage the fund’s investments, and the bill restricts investment and management fees to not exceed 0.75 percent of the fund balance.

The state would likely have to front the cost of establishing and administering the plan and would be allowed to pay itself back through those administrative fees, according to the bill.

Obviously this is Wall Street looking to cash in but consider who they have fronting this scheme.

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S2606 Debate in NJ

Another fissure within the Democrat party in New Jersey concerns how much to give to public employees in benefits with one side, as represented by State Senator and bonding addict Joe Cryan, pushing for more with S2606 while State Senate president and alleged nazi Steve Sweeney wants cut (as long as they don’t impact George Norcross). The internecine battle played out this week at Union County College:
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and in the opinion pages of the Star Ledger yesterday:

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Finished

Halfway through sampling Jane Russell’s autobiography (two foiled rape attempts so far – one by Howard Hughes) and, as fate would have it, Chris Chritie’s tell-what-I-want-you-to-believe book became available at a library so here goes with excerpts from Part Three: Tough Guv and then I’ll decide whether it’s Romney ice cream stories or back to Jane.

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