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Election-cowed legislators rushing big payoff to public unions

The Legislature is expediting a bill that would give state police and fire unions the power to reward themselves and their members at the expense of municipalities and taxpayers. Such fast-tracking of a law without public comment is an almost infallible sign state Senate and Assembly members know they’re serving their own interests and not […]

By |March 26th, 2017|NJ Pension Crisis|3 Comments

NJ Governors beginning with Whitman stole the pension money to buy votes

March 26,2017

the staff of the Ridgewood blog with a little help from readers

Ridgewood NJ, The Status Report of the New Jersey Pension and Health Benefit Study Commission issued on September 25, 2014 all but said NJ Governors beginning with Whitman stole the pension money to buy votes with many pet projects with the following statements…..
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By |March 26th, 2017|NJ Pension Crisis|2 Comments

HEADS THEY WIN, TAILS YOU LOSE

ANDREW SIDAMON-ERISTOFF | MARCH 21, 2017

Police and fire unions’ power grab sticks New Jersey’s taxpayers with the pension bill

Andrew Sidamon-Eristoff

In 1866, Surrogate Gideon J. Tucker wrote that “o man’s life, liberty or property are safe while the Legislature is in session.” Over a hundred years later, the New Jersey Legislature is doing its very best […]

By |March 22nd, 2017|NJ Pension Crisis|0 Comments

Pension fund may soon be turned over to police, firefighters

By Samantha Marcus | NJ Advance Media for NJ.com
on March 15, 2017 at 8:10 AM, updated March 15, 2017 at 4:46 PM

TRENTON — The state Senate has passed legislation that would give police and firefighters the right to manage their pension fund and its investment portfolio.

Under the bill, passed 37-0 on Monday, a newly expanded […]

By |March 17th, 2017|NJ Pension Crisis|1 Comment

Lawmakers seek changes to TTF program, including transparency rollback

By RYAN HUTCHINS

03/14/17 05:32 AM EDT

TRENTON — Democratic lawmakers in the Statehouse are considering major changes to New Jersey’s infrastructure spending program but are being met with resistance from their Republican colleagues.

The complex, 21-page bill (S3075) would enact broad amendments to the law passed last year authorizing the state’s Transportation Trust Fund to spend $2 […]

By |March 15th, 2017|Bergen County|4 Comments

N.J. Supreme Court enters fray over pay hikes for public workers

By Samantha Marcus | NJ Advance Media for NJ.com
on March 14, 2017 at 7:45 AM, updated March 14, 2017 at 8:32 AM

TRENTON — Public employee unions and government officials clashed Monday in a case before the state Supreme Court that could determine whether workers across New Jersey will get pay raises.

The state’s highest court heard […]

By |March 14th, 2017|Trenton|2 Comments

Reader says For New Jersey Pensions at the Current Cash Burn Rate, the Funds will be Insolvent in Less than a Decade

The math doesn’t work. The net asset value of the Pension Fund assets managed by the NJ State Investment Division was $72.9bn as of June 30, 2016. 41% of the 785,000 members in seven public pension systems are retired versus 51% of the members who are still working and contributing to the pension plans, while […]

By |March 8th, 2017|NJ Pension Crisis|0 Comments

UNFUNDED LIABILITY OF PUBLIC-EMPLOYEE PENSION SYSTEM CLOSES IN ON $50 BILLION

JOHN REITMEYER | MARCH 6, 2017

Lowering rate of return on fund investments will help, but some experts argue full actuarial payments — not called for in Christie budget address — remain critical

New actuarial calculations for New Jersey’s beleaguered public-employee pension system show an unfunded liability of near $50 billion, a staggering number for a retirement […]

By |March 7th, 2017|village of ridgewood|13 Comments

How the lottery can help fix N.J.’s ailing pensions system

By Samantha Marcus | NJ Advance Media for NJ.com
on March 01, 2017 at 9:31 AM, updated March 01, 2017 at 4:31 PM

TRENTON — Gov. Chris Christie used his budget address Tuesday to take a final stab at saving government worker pensions, proposing to dedicate revenues from lottery ticket sales to the distressed fund.

Christie suggested the […]

By |March 2nd, 2017|NJ Pension Crisis|7 Comments

N.J. pension debt soared to $49B last year

N.J. pension crisis explained with popsicle sticks

Samantha Marcus | NJ Advance Media for NJ.comBy Samantha Marcus | NJ Advance Media for NJ.com
on February 28, 2017 at 7:30 AM, updated February 28, 2017 at 8:37 AM

TRENTON — New Jersey’s government worker pension funds lost a lot of ground last year, as the state’s pension debt rose […]

By |March 1st, 2017|NJ Pension Crisis|3 Comments