Hamilton NJ, Attorney General Gurbir S. Grewal announced that a woman was indicted for allegedly stealing more than $268,000 by fraudulently collecting survivor benefits from her deceased husband’s pension for nearly 10 years after she remarried and allegedly knew she was disqualified for such benefits.
“I pray that not one penny gets sent to New Jersey. Murphy did not take any steps whatsoever to stop the State’s hemorrhaging of money; in fact, he has done just the opposite: giving illegal immigrants free healthcare, free education, free everything, while giving the actual citizens of New Jersey nothing but the bills for such generosity. To pay for his $10 billion loan, he is already going to have to raise sales taxes and even create a NEW state property tax. It is finally time for spending cuts and they must be DEEP! our budgets must be pared down to the bare minimums, we have no right to be giving away free things when we have no money to pay for them.”
Trenton NJ, Governor Phil Murphy is scheduled to visit the White House this morning to meet with President Donald Trump as New Jersey seeks federal help to cope with the health and economic crisis of the coronavirus pandemic.
Ridgewood NJ, , the New Jersey teacher pension system is paying out about $4.5 billion a year in retirement benefits and other kinds of payments to 104,000 beneficiaries. Yet contributions by active teachers and state government amount about $2.8 billion annually, leaving a $1.7 billion deficit. When the market is good, investment returns help make up the difference. For the fiscal year ended June 30, 2018, for instance, a nearly 10 percent market gain generated $2 billion, which the fund largely used to pay retirees. This year, however, market gains have largely evaporated for everyone.
Trenton NJ, Warning that the coronavirus stock market plunge has put a majority of the nation’s public government pension plans “at risk,” Senate President Steve Sweeney today urged the President and Congress to partner with state and local governments to solve pension and infrastructure funding challenges with a federally-financed program in next month’s coronavirus recovery package.
Ridgewood NJ, time to start laying public school teachers and other non essential state workers, New Jersey Gov. Phil Murphy has made the decision to keep New Jersey’s schools closed for at least four more weeks.
Ridgewood NJ, some bad news for Governor Phil Murphy according to 24/7 Wall street Phil Murphy was rated as the 34th lest popular governor and New Jersey fared even worse by being ranked as the 41st worst run state . We are somewhat astonished the both Phil Murphy and New Jersey did as well as they did.
34. Gov. Phil Murphy (D) of New Jersey
> Approval: 46%
> Disapproval: 37% (16th highest)
> Don’t know: 18% (24th highest)
> In office since: Jan. 16, 2018
> New Jersey could run on only rainy day funds in FY 2018 for: 8 days (3rd least)
> Rainy day fund: $772.2 million (19th smallest)
> Dec. 2019 unemployment rate: 3.5% (20th highest)
TRENTON NJ, Just as New Jersey was not prepared to weather the Great Recession, the state is once again vulnerable to a future economic downturn, according to a new report released today by New Jersey Policy Perspective (NJPP). Authored by a practicum of graduate students from the Rutgers University Bloustein School of Planning and Public Policy, the report compares New Jersey’s preparation for and response to the Great Recession with that of five other states: Connecticut, Illinois, Maryland, Massachusetts, and North Carolina.
“While the comment that these individuals paid into the funds is valid and those individuals deserve to see what they put into the system plus appropriate earning……. some blame must be directed at those who had a fiduciary responsibility to protect those funds. Who are those people and why have they not be charged? I guess the Union Bosses were asleep when that was happening or did they think they would just ‘go along to get along’? Yes, the legislators robbed the funds and now they seek to rob the municipal pensions to prop up the robbed pensions. As to the “underpaying careers ” ……That is not accurate when you compare 4-year degrees against other 4-year degree careers – you cannot just pick and choose those careers that pay more and ignore those that don’t. And look at the progression they and the unions put in place to make sure they are well paid. Once these individuals are in the system, they are protected WELL and practically can never be fired…….. even if they don’t produce. “
” The fervor and anger is jolting but not surprising…teachers, police etc PAY INTO THEIR PENSION FUNDS – the state politicians have robbed these funds and never matched them. They are the crooks. Labeling civil servants who chose their underpaying careers based on the knowledge a pension would be in place to offset the $$$ they did not earn in salary “thieves and slobs” and positioning them as “milking taxpayers” only completes painting the picture of hate and cowardice you so shamelessly portray. My sad, pathetic friend, you are everything that is wrong with society today. Sleep easy tonight knowing these very civil servants will continue to protect, educate and care for you without prejudice…and eventually a pension as well. “
Trenton NJ, Over the weekend, The Star Ledger warned that New Jersey is facing what they describe as a $1.2 billion “Pension Bomb”. The combination of a scheduled payment of the state’s first full recommended pension contribution and Governor Murphy’s reckless rush to lower the assumed rate of return of the system’s investments have created a year-over-year increase of more than $1.2 billion in what taxpayers must pay to keep the public pension system afloat.
Ridgewood NJ, Governor Murphy once again plays games with the New Jersey pension funds . At stake are benefit payments to nearly 800,000 active and retired state and local workers.
For years, New Jersey had over inflated its assumption on returns on public pension fund investments ,but in the waning days of the Christie administration the NJ Department of treasury moved to face reality.
Trenton NJ, Research by The Pew Charitable Trusts shows New Jersey has the second-largest pension fund deficit in the nation and underscores the urgent need to transition to a more sustainable hybrid system, NJBIA President & CEO Michele Siekerka said Friday.
According to Pew’s nationwide research on the fiscal health of public employee retirement plans, New Jersey ranked 49th in the U.S. because its plans were only 36% funded. New Jersey is one of only five states with less than 50% of the assets needed to fully fund its pension liabilities, according to Pew’s analysis of 2017 data.
“Ummm, those unfunded pension liabilities are based on some outrageous assumptions:
1. The State Investment Council assumes an annual return of 7.5% on the NJ state pension assets; a 30 year US treasury (which matches a long term pension liability) currently yields 2.825%. Pew Charitable Trusts suggests 6.5% is a more conservative assumption, which would increase the unfunded liability by 28% versus the current assumption assuming 7.5% annualized returns…