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Reader says, “the state politicians have robbed these (Pension)funds and never matched them”

Ridgewood Police Alzheimer's patient was found

” 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. “

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New Jersey Public employees learn about their newfound rights

Ridgewood Teachers

June 29,2018

the staff of the Ridgewood blog

Washington DC, Yesterday was a major victory for free speech, according to AFP ,”Today is a game-changer for New Jersey and the trajectory of the country,” Americans for Prosperity [Foundation]’s Garden State director, Erica Jedynak said yesterday in a statement. “A victory for worker freedom, public employees will no longer be forced to pay union dues as a condition of employment or fund political speech against their will.”

Jim Arakelian , “So the Supreme Court ruled today that labor unions can no longer “require” members to pay dues. I wonder how far this will go. Will other professional associations also have to follow suit? Stand by on this. One thing is for sure. The State’s PBA and NJEA will lose a significant amount of political clout with this as PAC’s will now be completely voluntary and teachers, cops, and fireman, will be free to truly exercise their right to support the candidates of their choice as opposed to their unions favorite “prom date”.

Public employees can learn about their newfound rights by visiting: or calling (833) 33-MYPAY, which is a LIVE Call Center.

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Another report shows N.J. has worst public pension debt in U.S.

Sweeney & Prieto

By Samantha Marcus | NJ Advance Media for NJ.com
on April 20, 2017 at 6:14 PM, updated April 21, 2017 at 8:14 AM

TRENTON — Another study has found New Jersey’s public pension system is in the worst shape of any state in the nation.

The state’s pension woes helped boost how much money public pension systems across the U.S. have on hand versus how much they need to pay for future benefits to $1.1 trillion in 2015, the Pew Charitable Trusts said in its annual accounting of nationwide pension debts.

The figure, known as the unfunded liability, may hit $1.3 trillion in 2016, once the complete data for all 230 public-sector retirement plans becomes available, the study, released Thursday, found.

“Investment returns that fell short of expectations proved to be the largest contributor to the worsening fiscal position, with median overall returns of 3.6 percent,” Pew’s researchers said.

Pension plans in the 50 states added $157 billion in new unfunded liabilities from 2014 to 2015, though much of the increase was driven by the notoriously unstable pension funds in just five states — New Jersey, Illinois, Kentucky, Pennsylvania and Connecticut.

From 2014 to 2015, the year Pew reviewed, New Jersey’s pension debt rose from $113.1 billion to $135.7 billion.

The Garden State held enough assets to cover just 37.5 percent of its liabilities in 2015, enough to earn the title of worst-funded in the U.S.

It’s the second report putting New Jersey at the bottom. A Bloomberg study did the same in November. In 2014, New Jersey was No. 48 in the Pew study, with Kentucky and Illinois in worse shape.

https://www.nj.com/politics/index.ssf/2017/04/us_public_pension_debt_rises_157b_with_help_from_n.html#incart_most_shared-politics

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N.J. unions seek control of own pension plan

Steve-Sweeney-Atlantic-City-finances

Updated: MARCH 12, 2017 — 5:00 AM EDT

by Andrew Seidman, Trenton Bureau  @AndrewSeidman |  ASeidman@phillynews.com

TRENTON — New Jersey lawmakers are considering relinquishing management of the pension plan for police and firefighters from the state to the unions that represent them. Public workers have been complaining for years that the state relies too heavily on investments in hedge funds and other so-called alternative investments.

Now, Senate President Stephen Sweeney (D., Gloucester) is effectively saying: Fine, you give it a try. And most of the unions are embracing the challenge.

“It’s my pension. I need to wake up and see it’s being cared for, that it’s being invested smartly,” Patrick Colligan, president of the Policemen’s Benevolent Association, said during a Senate Budget Committee hearing Thursday. “And we can’t, respectfully, count on the State of New Jersey to do that anymore.”

The committee advanced the legislation on a 10-1 vote, with two abstentions, and it is expected to head to the full Senate for a vote Monday. The bill has not been introduced in the Assembly.

https://www.philly.com/philly/news/politics/NJ-police-firemen-union-control-pension-christie.html?utm_campaign=new-jersey-politics&utm_content=2017-13-03-9122193&utm_source=Sailthru&utm_medium=email&utm_term=New%20Jersey%20Politics

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When pension funds go empty, all bets are off

Pension_refrom_theridgewoodblog

By Post Editorial Board

October 10, 2015 | 8:00pm

Pay attention, government workers — and taxpayers — in New York and New Jersey.

Last week, letters informed these Teamsters they’re facing cuts in benefits of up to 60 percent. Why? Because their pension fund is going broke.

The Central States Pension Fund covers workers from more than 1,500 trucking, construction and other companies in 37 states. Thanks to trucking deregulation, declining union rolls, aging workers and weak stock-market returns, the fund is now paying out $3.46 in benefits for every $1 it takes in. That’s $2 billion a year in red ink.

At that rate, doom arrives in 2026, sinking Central States and maybe even the federal fund that’s supposed to insure such private-sector pensions. Retirees would get even lower benefits — or maybe nothing at all.

Which is why Congress and President Obama last year gave “multi-employer” funds like Central States the green light to restructure if necessary — and slice benefits.

https://snip.ly/CmWW#https://nypost.com/2015/10/10/when-pension-funds-go-empty-all-bets-are-off/

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Public worker retirements climbing again with N.J. pension talks

Trenton_New_Jersey

Nearly 10 percent more government workers retired in the first seven months of the year than in the same period last year, a rise some labor leaders say is a response to Gov. Chris Christie’s overtures toward cutting benefits. Samantha Marcus,NJ.com Read more

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Ohio’s Unfunded Pension Liability More than $25K per Resident, $10K Above National Average

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wow I thought New Jersey needed Pension reform ?

Ohio’s Unfunded Pension Liability More than $25K per Resident, $10K Above National Average

Maggie Thurber / @Watchdogorg / November 15, 2014

Ohio’s public pension plans have so much debt that paying it off today would cost each resident $25,080.

According to a new report, “Promises Made, Promises Broken 2014,” by the nonprofit State Budget Solutions, the amount of unfunded pension obligations in Ohio has grown to nearly $290 billion, fifth highest in the nation.

That’s despite recent changes in the pension plans that were supposed to address the unfunded liability.

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“That’s a very scary place for Ohio. The national average is $15,000, so $25,000 is just terrible,” said Joe Luppino-Esposito, SBS editor and general counsel and the author of the report.

He said the $25,080 places Ohio third in highest per-capita debt. Alaska, in part because of its low population, was first, and Illinois was second.

Ohio has several individual plans — for teachers, police and fire, state employees, school employees and the state highway patrol. Participants and the public employer contribute to the plans just as non-public workers and employers contribute to Social Security.

The plans are categorized as defined benefits, with the amount of payment upon retirement based on the three highest years of earnings while working.

That’s part of the problem, Luppino-Esposito said.

It’s hard to know the exact amount the plans will have to pay out years in the future when current employees retire because there is no way to know for sure how much will be owed, he said. People are working longer and more likely to have higher earnings. They’re also living longer, so they’re collecting pensions for more years.

The methods states use to project how much money they need to contribute to the funds every year also contributes to the problem because estimates could be off.

Luppino-Esposito warned that the consequences of ignoring the unfunded liabilities could lead to a situation similar to Detroit’s.

“When the money starts running out and you have to pay more for pensions, you start cutting back on essential services,” he said. “The result in Detroit was bankruptcy for the city, and then pensioners had to end up taking a cut in benefits. The sooner the unfunded liabilities get addressed, the better for everyone.”

Read more at Watchdog.org