Tag: Sustainability of Public Pensions

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Readers Debate Sustainability of Public Pensions

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Readers Debate Sustainability of Public Pensions 

I grew up in a working class town in Bergen County.I went to a four year college and have gone on to create hundreds of good paying jobs through businesses I have created over the last 30 years.A childhood buddy went to a two tear school and the became a police officer in our hometown.

After spiking his salary for the last two of his thirty years he retired at age 51with a $9800 per month pension do the math…and tell me how this is justifiable and or sustainable?

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Village of Ridgewood “Unfunded liabilities (retirement payouts) reach $7.1M

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Village of Ridgewood “Unfunded liabilities (retirement payouts) reach $7.1M

Now Look at the Village of Ridgewood 2014 Budget Newsletter: “Unfunded liabilities (retirement payouts) are $7.1M (against a reserve of $479K)”…https://mods.ridgewoodnj.net/pdf/manager/2014BudgetNews.pdf
Why should anyone get a FULL, risk-free pension immediately after only 25 years of work ? The average retirement age of our public safety officials is 52.4, and they immediately start their full pension. In addition to that, on retirement they get up to six months of accumulated sick leave, paid out at their FINAL comp rate (salary + 10% longetivity pay) instead of at the rate when the leave was awarded earlier in their career. Most private sector workers don’t carry over sick leave from year to year, and don’t use it always – good health itself is reward enough. Yet municipal workers see this as a retirement perk, and this is very clearly being abused as per the article above.