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Tag Archives: NJ Pension Crisis

Christie Banking that Lottery will Save Pensions

Posted in Public Employment Pension Crisis
As reported by Philly.com, New Jersey Gov. Chris Christie is betting that the lottery is the ticket to shoring up one of the state’s most vexing money problems: ever-growing obligations to the pensions for public employees. The idea of linking the lottery to pensions has been around for years, but legislation backed by the Republican… Continue Reading

Sweeney Introduces Bill Seeking to Wrest Control of PFRS Away from State Treasury

Posted in Public Employment Pension Crisis
As reported by N.J.com, furious after watching pension investment fees triple over the last three years even as their funds lost value, police and firefighter union leaders are seeking to wrest control of their underfunded pensions from the state. As Gov. Chris Christie is set to deliver his final budget address, state Senate President Sweeney (D-Gloucester) on… Continue Reading

Christie Signs Bill Mandating Quarterly Pension Payments by State

Posted in Public Employment Pension Crisis
As reported by NJ.com, Gov. Chris Christie on Thursday signed a bill that will require the state to make quarterly payments to New Jersey’s ailing public worker pension system. The bill is a reworked version of a measure Christie twice vetoed. The new law will require governor to make pension payments on a quarterly basis by Sept. 30,… Continue Reading

Pension Bill Requiring Quarterly Payments Heads To Christie’s Desk

Posted in Public Employment Pension Crisis
As reported by NJ.com, lawmakers voted overwhelmingly to send Governor Chris Christie a bill that will require the State to make quarterly payments to New Jersey’s ailing public worker system.  The proposal, which cleared the Senate by a 35-0 vote and the Assembly 72-0, is a reworked version of similar legislation Christie twice vetoed.  It… Continue Reading

Another Pension Bill Sits on Christie’s Desk–What Will He Do This Time?

Posted in Public Employment Pension Crisis
As reported by JT Aregood from the New Jersey Observer, just months after Senate President Steve Sweeney declined to post a bill that would have effected the change with a voter-approved constitutional amendment, Democratic lawmakers in New Jersey passed a plan to require the state to make payments into its underfunded public pension system on… Continue Reading

New Bloomberg Report Casts Dim Light on NJ’s Pension System

Posted in Public Employment Pension Crisis, Retiree Benefits
As reported by N.J.com, New Jersey’s distressed government worker pension system is now the worst funded in the U.S., according to a report by Bloomberg. The Garden State’s public pension fund has languished near the bottom, but has now dropped below Kentucky and Illinois for last place, according to the report. Their analysis compared the states’… Continue Reading

State Pension Guarantee Dead For November Ballot

Posted in Public Employment Pension Crisis
As reported by NJ.com, Senate President Stephen Sweeney rejected calling for a crucial vote Monday on a referendum asking voters to constitutionally guarantee state payments into the government worker pension fund, killing its chances of appearing on the November ballot and disappointing public labor unions.  The likelihood that Sweeney, once the prime champion of that… Continue Reading

Deadline For NJ Senate To Take Action On Public Worker Pension Amendment

Posted in Public Employment Pension Crisis
As reported by NJ.com, Senate leaders have spent weeks trying to build a supermajority to override Governor Chris Christie’s opposition to a Transportation Trust Fund tax package, a plan that also holds the fate of a voter referendum on public worker pensions.  And for the last week, they’ve said they’re within a vote or two… Continue Reading

N.J. To Slash Pension Investments In Hedge Funds That Were Criticized By Unions

Posted in Public Employment Pension Crisis
As reported by nj.com, the State Investment Council on Wednesday agreed to slash New Jersey’s investments of public-sector pension dollars in hedge funds by more than half, responding to labor union concerns that the alternative investments are not paying off. At the council’s last meeting in May, union representatives called for drastic reduction in the… Continue Reading

Panel Assembles in Philadelphia to Discuss Possible Solutions to Nationwide Public Employment Pension Crisis

Posted in Public Employment Pension Crisis
On Tuesday, various state officials gathered just a few blocks from the Democratic National Convention to discuss the pension problems being faced by states across the country. Among the panelists was New Jersey Senate President Stephen Sweeney (D-Gloucester). Read about some of the interesting solutions proposed at: http://www.njspotlight.com/stories/16/07/26/how-can-new-jersey-other-states-rescue-underfunded-pension-systems/    … Continue Reading

NJ Republican Seeks to Reduce Government Health Care Costs in Exchange for Constitutional Amendment “Obligating” State Pension Payment

Posted in Uncategorized
While Chapter 78 increased the average healthcare contributions required of public employees based upon a sliding percentage of the cost of coverage, if Assemblyman Declan O’Scanlon’s proposal is implemented, public workers can expect to pay higher out-of-pocket costs toward coverage provided under a lower-level plan. In exchange, the Assemblyman’s plan provides for a constitutional amendment obligating the… Continue Reading

Moody’s Comments on Various NJ Pension Issues

Posted in Public Employment Pension Crisis
As reported by NJ.com, Moody’s Investors Service again sent up a warning flare that a possible New Jersey Supreme Court ruling striking down cuts to public retirees’ pension benefits would soak the struggling retirement system with new pension liabilities.  But in its latest report released on the “extraordinary decisions and challenges” the Garden State faces,… Continue Reading

NJ Lawmakers Clash Over Forcing Bigger Pension Payments

Posted in Public Employment Pension Crisis
As reported by NJ.com, State Senate President Stephen Sweeney and labor leaders defended Sweeney’s proposal to constitutionally enforce payments into the public pension system against arguments it’s a gift to special interests that will shackle New Jersey’s finances.  The scrap between Sweeney and labor leaders versus Senate Minority Leader Tom Kean, Jr. and business lobbyists… Continue Reading

Lawmakers Push Pension Ballot Question On Forcing NJ To Make Payments

Posted in Public Employment Pension Crisis
As reported by NJ.com, a referendum to amend the New Jersey Constitution to require the State to make contributions to public worker pensions cleared the State Assembly Judiciary Committee on Thursday during a discussion that drew sharp criticism from a Republican lawmaker. Assemblywoman Holly Schepisi (R-Bergen) faulted Democrats for pushing the legislation through without proper… Continue Reading

Sweeney Plan To Bypass Christie On NJ Public Worker Pensions Clears First Hurdle

Posted in Public Employment Pension Crisis
As reported by NJ.com, a key State Senate Committee approved legislation to ask voters to revise the New Jersey Constitution to require the State to ratchet up contributions to the public pension system.  The Senate Budget and Appropriations Committee cleared the resolution along party lines, with Republicans’ opposition rooted in protecting taxpayers from severe spending… Continue Reading

Legislation Introduced To Cement Promises To Fund Pension Systems

Posted in Public Employment Pension Crisis
As reported by NJ.com, State Senate President Stephen Sweeney introduced legislation that would cement state officials’ promises to fund government workers’ pensions in the New Jersey constitution.  Such a constitutional amendment requiring the State to make payments into the public retirement fund was expected to be the next step after the State Supreme Court this… Continue Reading

State PBA President Lashes Out At Christie For Shameful Comment

Posted in Public Employment Pension Crisis
As reported by NJ.com, the president of the New Jersey police union that represents nearly 33,000 officers lashed out against Governor Chris Christie after the Governor called him a “pension pig.”  Pat Colligan, president of the New Jersey State PBA, referred to the Governor as a “schoolyard bully” and said Christie’s statement “didn’t surprise” him. … Continue Reading

Sweeney Wants Federal Loan Program To Rescue Public Worker Pensions

Posted in Public Employment Pension Crisis
As reported by NJ.com, State Senate President Stephen Sweeney said the answer to New Jersey’s rising public employee pension debt lies in creating a trillion dollar federal loan program that will help states avoid insolvency, spare millions of government workers from economic devastation and take the pressure off state budgets.  The government aid program, which… Continue Reading

NJ Pension Reform Fight Hits NJ Supreme Court

Posted in Uncategorized
As reported by NJ.com, nearly a year after Governor Chris Christie responded to a sudden budget crisis by slashing payments into the State pension system, New Jersey’s public labor unions will fight for their right to that money before the New Jersey Supreme Court on Wednesday.  A victory for the unions could send billions more… Continue Reading

CWA Director Welcomes Supreme Court Hearing On Pension And Benefit Payment

Posted in Public Employment Pension Crisis
As reported by Politickernj.com, after the New Jersey Supreme Court announced it would hear a case from Governor Chris Christie’s administration over the State’s decision to cut $1.6 billion from this year’s slated payment for the public pension and benefit, it drew a somewhat muted reaction from one union leader who has vocally opposed the… Continue Reading

NJ Supreme Court Agrees To Hear Pension Payment Case

Posted in Public Employment Pension Crisis
As reported by NJ.com, the New Jersey Supreme Court agreed to decide whether Governor Chris Christie broke the law when he slashed $1.6 billion from this year’s payment into the public worker pension system.  Christie’s administration, which had previously indicated it would file in the Appellate Division, last week asked the Supreme Court to relax… Continue Reading

NJ Treasurer: Making Full Pension Payment Would Have ‘Incredible’ Impact On Residents

Posted in Public Employment Pension Crisis
As reported by NJ.com, Governor Chris Christie’s treasurer said that the administration has reached out to lawmakers to comply with a judge’s order to work together to restore $1.6 billion to this year’s pension payment, but stressed that actually doing that would mean lots of budget pain for New Jersey residents.  A State Superior Court… Continue Reading

Lawmakers Take Aim At Christie Corporate Tax Breaks, Revenue Shortfalls

Posted in Public Employment Pension Crisis
To follow up on of one our previous posts, NJ.com has reported that the New Jersey Assembly passed several bills yesterday to combat the revenue shortfalls plaguing the State’s finances and scrutinize corporate tax breaks.  The legislation would force the Governor to collaborate on revenue forecasts and plan for shortfalls, clearly identify any new source… Continue Reading
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