file photo Sweeney & Prieto
By Samantha Marcus | NJ Advance Media for NJ.com
on August 25, 2016 at 5:11 PM
TRENTON — New Jersey’s public pension fund is shakier than all but two U.S. states also known for their notoriously underfunded retirement systems, according to a new comparison by the Pew Charitable Trusts.
The pension fund was just 42 percent funded in 2014, based on the latest data available for 238 retirement plans in 50 states, Pew said.
Illinois and Kentucky were each only 41 percent funded. Only three states — South Dakota, Oregon and Wisconsin — were more than 100 percent funded.
Time to diminish the benefits because we already have the highest state + local taxes in the US.
It needs to be restructured. Doing nothing just makes it worse.
Agree with all of the above … something truly wrong here with union deals and pilfering politicians. Just as the public workers put in their share so have the taxpayers – already! Feel bad that promises were made but they are/were unsustainable. Lots of private companies have frozen pensions. Time to get with the program.
Union toadies, lackeys, thugs and sycophants are all out of control – diminish the outrageous and unsustainable benefits now. No one in the private sector gets that deal in retirement. The party’s over.
Great picture, orange is the new black for the corrupt goons in Trenton
Union piggies run amok. Just look at the REA and their outrageous demands: they supported Obamacare, but now they want taxpayers to subsidize even more of their “platinum” health care benefits, and they want above inflation wage growth that also exceeds the 2% property cap even though they’re already the highest paid teachers in Bergen County. We’re being taxed to death to pay for this, enough is enough.
When will Prieto go to jail?
well start with the police and fire.