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Tag Archives: Pension

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

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

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

Christie Tells State Pension Fund Trustee’s That They Have No Authority to Request an Audit

Posted in Public Employment Labor Law, Public Employment Pension Crisis, Retiree Benefits
As reported by Samantha Marcus of NJ.Com, The Trustees of one of New Jersey’s largest government employee pension funds say they have been told by Gov. Chris Christie’s administration that they have no authority to request an audit of their fund’s investments, valued at about $80 billion. Tom Bruno, chairman of the board of trustees… Continue Reading

Senator Sweeney is Correct–Christie Should Concentrate on Growing the State’s Economy as NJ’s Tax Revenue Recovery is One of The Poorest in The Nation

Posted in Contract Negotiations, Interest Arbitration, Public Employment Labor Law
On March 11, 2015, we posted a blog wherein Senator Sweeney stated that Governor Christie needed to change his tactics at the bargaining table regarding pension reform and if he instead concentrated on “growing” New Jersey’s economy, additional tax revenue would be created that would result in more money to fund the Public Employees’ Pension System. … Continue Reading

Memphis’s Pension Crisis is Now a Public Safety Crisis–Will New Jersey Repeat the River City’s Mistakes?

Posted in Public Employment Labor Law, Public Employment Pension Crisis, Retiree Benefits
Yesterday, I received an email from one of our readers, Ed Mecka, from Hoboken, New Jersey, who turned me on to an article regarding the pension crisis that is taking place in Memphis, Tennessee.  The crisis in Memphis has caught the national media’s attention, and an article was printed in the Wall Street Journal a… Continue Reading

Senator Sweeney Calls Christie’s Labor Negotiations Tactics into Question

Posted in Contract Negotiations, Interest Arbitration, Public Employment Labor Law, Retiree Benefits
As reported on the website, the New Jersey Politicker, Senator Sweeney recently questioned the labor negotiating tactics of New Jersey Governor Chris Christie.  Sweeney went on the record stating “When you hear [Governor Chris Christie] focusing on pension reforms and benefit costs, it got the attention of a lot of people nationally. But the reality is… Continue Reading

Moody’s Downgrades New Jersey’s Credit Rating as a Result of Christie’s Illegal Pension Blunder

Posted in Contract Negotiations, Interest Arbitration, Public Employment Labor Law, Retiree Benefits
As reported in NJ.Com, Judge Jacobson’s ruling this week that public worker pension contributions are contractually protected will constrict the state’s ability to balance its budget in the future, Moody’s, a Wall Street rating agency, said today.  The flexibility of the state’s pension payment has been “a tool essential” to balancing the budget, Moody’s Investors Service… Continue Reading

Did Governor Christie Ever Have Any Intention of Keeping His Promise to Fully Fund the Pension System?

Posted in Contract Interpretation, Public Employment Labor Law
As reported on NJ.Com, The State of New Jersey argued before a State Superior Court Judge today that Governor Chris Christie cannot be forced to make full pension payments because the 2011 law committing him to fully fund the state system in exchange for union concessions was unconstitutional. Interrupting the assistant attorney general, Superior Court Judge Mary… Continue Reading

Will New Jersey’s Pension Fund Run Dry in Four Years?

Posted in Retiree Benefits
As reported in NJ.COM, New Jersey’s unfunded public employee pension liabilities have soared to $83 billion, more than double previous estimates, as the state comes into compliance with new accounting rules, according to a report released today by Moody’s Investors Services,  a Wall Street ratings agency. Governor Chris Christie’s administration acknowledged the change in a… Continue Reading

Christie Sets Up Investigatory Unit for Alleged Public Employee Pension Fraud

Posted in Disability Retirement
As reported by NJ.com, on August 7, 2013, Governor Christie signed an executive order creating a new investigatory unit to uncover alleged pension fraud and disability fraud perpetrated by public employees across the State of New Jersey. The Governor’s Office stated that the new unit would work side by side with the Attorney General’s Office to… Continue Reading

NJ Judge Takes Pension Fight to NJ Supreme Court

Posted in Uncategorized
  As reported by nj.com, the question of whether Governor Chris Christie and the Legislature can order judges to pay 9 percent more toward their pensions is headed to the New Jersey Supreme Court. The justices will hear arguments today in a case brought by Superior Court Judge Paul DePascale of Hudson County. DePascale hopes to… Continue Reading

As State Democrats Prepare To Introduce Healthcare Reform, Christie’s Stance Remains Unclear

Posted in Uncategorized
  As reported by nj.com, the state’s top lawmakers said Monday they cleared a significant hurdle in efforts to overhaul public employee benefits after agreeing to a plan that shifts more medical costs onto workers while protecting future collective bargaining rights. The spotlight now turns to Governor Chris Christie, who has been uncharacteristically quiet as… Continue Reading

Sweeney Says He Is Drafting Bill To Change Pension, Benefits System for Public Workers

Posted in Uncategorized
  As reported by nj.com, Senate President Stephen Sweeney said today he plans to introduce legislation to increase health and pension benefits payments for public workers and that the Budget and Appropriation Committee will hold a hearing on it next week. Sweeney and Governor Chris Christie have reached an agreement on the measure, but Assembly… Continue Reading

NJ Assembly Holds UP Pension, Health Benefits Overhaul Brokered By Christie, Sweeney

Posted in Uncategorized
  As reported by nj.com, Governor Chris Christie and Senate President Stephen Sweeney were poised to announce an agreement on a plan to overhaul health and pension benefits for public employees, but were stymied after the compromise received a chilly reception in the Assembly. “We are not there yet,” said Speaker Sheila Oliver, who found herself… Continue Reading

Deal to Change NJ Public Workers’ Pensions, Benefits Is Struck by Christie, Sweeney

Posted in Uncategorized
  As reported by nj.com, public workers would pay more for their pension and health benefits under a deal struck between Governor Chris Christie and Senate President Stephen Sweeney. Under the deal, most public workers would immediately pay an additional 1 percent of their salaries for their pensions, while police and firefighters would pay an additional… Continue Reading

NJ Senate Committee Approves Bill Preventing Double-Dipping

Posted in Uncategorized
  As reported by nj.com, a double-dipping pension practice that stoked outrage earlier this year may become a thing of the past. The Senate Budget and Appropriations Committee unanimously approved two bills to prevent elected officials from collecting their pensions without actually stepping down from their jobs. The bills would only affect elected officials who have not… Continue Reading

New Jersey Pension Reform Introduced

Posted in Retiree Benefits
As reported in the Trentonian on February 9, 2010, legislation requiring public workers to assume a portion of their health benefits costs and providing relief to the State pension system has been introduced. The package of bills introduced follows vows by Democratic leaders in the State Senate to revisit pension reform recommendations made four years… Continue Reading

The Difference Between Accidental and Ordinary Disability Benefits Under PERS, TPAF, SPRS, and JRS

Posted in Retiree Benefits
  Following up on our previous entry, this article will help our readers understand the criteria that must be met in order for a public employee to qualify for an ordinary or accidental disability pension within one of the following State pension systems, the Public Employees Retirement System, the Teachers Pension and Annuity Fund, the… Continue Reading

Overview of PERS, TPAF, SPRS & JRS

Posted in Retiree Benefits
  Recently, it has come to our attention that many individuals aside from Public Safety Officers utilize this website as a reference guide for the various pension systems available to individuals employed by municipalities, counties, and the New Jersey state government. As such, this entry will focus upon a few of these pension systems and help… Continue Reading
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