The ranks of retired public officials who collect more than $100,000 a year from New Jersey pensions have more than doubled in the past five years, according to an NJ Spotlight analysis of state Treasury data. Mark Lagerkvist, NJSpotlight Read more
Number of retired N.J. officials with $100K+ public pension will double in 5 years
15 thoughts on “Number of retired N.J. officials with $100K+ public pension will double in 5 years”
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Great, 30+ of their ranks will come from Ridgewood in the next few years given all of these retirements
Another example of the unsustainable math. However, many cling to the myth that it’s all about funds “being stolen” by successive State Governors.
With longer lifespans, many of these pension elites will earn more from their pension checks in retirement – and for longer – than they actually made when they were working. That math is all wrong, and unsustainable. It’s called a ponzi scheme. Take more than you put in and hope the next sucker, i.e. Tax payer, doesn’t notice.
Ridgewood needs moratorium on bank branches – PERIOD – “highest amd best use”‘for whom?
When we no longer see empty stores, or stores that seem to close within 6-months of opening, then I’m with you on the bank branch deal. Until then, I’ll take the banks.
I fell so bad for you 2:03 that Im living longer maybe I will take my own life so I worn’t be a burden on your taxes.
12:14… the magic answer… “Damned union thug”.. or for blog posters that are grammatically challenged…. damn union thug… we do have many eloquent posters don’t we?
Randal:’are you new here? First there’s too many gas stations, then too many nail salons, then too many liquor stores, now you’re bitching about the banks,
Most over paid for their leases when times were good and they will suffer from a natural attrition.
How much did these “officials” actually contribute to their $100k pensions? I heard some the cops retiring now – who weren’t even top brass – in their late forties and early fifties actually contributed less than 5% of their salaries since they started. Not bad if they draw a pension for more years than they actually served. What a scam.
It’s the Governors fault, the unions are blameless and just took everything they were given in exchange for votes for the state legislature
Randal, you forgot the gold pawn shops and frozen yogurt chains on East Ridgewood Ave. They add to the charm.
The lowest any cop contributed since 1982 was8.5% that was raised to 10% in 2010 or2011.
Thanks 10:30, so let’s say a cop retiring this year with 25 years service paid 8.5% from 1991-2011, then 10% from 2012-2016. 8.5% X $90,000 avg salary first 20 years in Ridgewood $90K = $7,650 X 20 years = $153,000, plus 10% X average salary last five years = $140,000 X 10% = $14,000 X 5 years = $70,000. So a grand total contribution of $223,000 over 25 years towards their own pension worth over $100K a year in today’s dollars, which could add up of $3,0mn in pension checks if the retiree lives another 30 years after retirement (from age 52 to 82). Sounds like a Ponzi scheme to me. Put in $223,000 and take out $3+ million. Ypu’d have to compound at 9.05%, well over the 7.95% assumed annual return of the NJ pension plans to make that much over 30 years from only $223,000. The math no longer works because people are living longer. And a 30 year US Treasury today only yields 2.675%, so assuming 8.8% is ridiculous. The assumed rate of return will be cut soon to under 7% anyways, this whole thing is a scam.
Don’t forget to factor in the cops have a shorter life span as such that’s why the can retire without age restriction. Your calculations are flawed Charlie.
Exactly 8:59 am. Charlie’s numbers are ALWAYS wrong.