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

Coins falling into jam jar labelled pension.

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

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

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

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/

 

Healthcare Icon (2)

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

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

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