Stuff in the ‘Pension and Benefit Crisis’ Category
New Healthcare Law Saves Millions for School Employees but Taxpayers Are Paying More
Posted On05/31/2022 byMary Ann Koruth of NorthJersey.com brings some needed focus on the reality of the much-heralded 2021 “Chapter 78 relief” law negotiated by then-Senate President Steve Sweeney and the NJEA. In “New state teacher health plan didn’t deliver promised savings, say school districts,” Koruth reports that out of the 158 school districts surveyed, 85% said that…Read More
NJ’s Public Pensions Remain at Risk Because There Are Fewer Active Workers Per Retiree; So Taxpayers Will Pay More
Posted On05/06/2022 byA brief addendum to Sunlight’s blog on Tuesday about how the teachers’ pension fund (TPAF) is still at risk despite record contributions by Gov. Murphy. The ever-vigilant BuryPensions provided some additional words (data) of warning about the condition of New Jersey’s public pensions. Bury’s data shows that from 2000 to 2021, the number of retirees has…Read More
Despite Record State Contributions, the Teachers’ Pension Plan Is Still Structurally Unsound and at Risk
Posted On05/03/2022 byNew Jersey’s Division of Pension and Benefits came out with the actuarial report for the state’s public pensions. Because of record pension contributions from the state and most importantly record investment returns of over 28%, the condition of New Jersey’s pensions improved. But New Jersey’s pensions are not out of the woods. First, the actuarial…Read More
NJEA’s 2021 Financials: Leadership’s Pensions Very Secure; Super PAC Awash with Dues Money; Membership Declining
Posted On04/19/2022 bySunlight had a chance to look at the NJEA’s latest financial statements (for the fiscal year ending August 31, 2021) and there were some interesting nuggets of information: NJEA Leaderships pensions continue to be gold-plated and very secure. Sunlight did an extensive report on the NJEA leadership’s gold-plated, well-funded pensions – as contrasted with the…Read More
Despite a Record Payment and Much Happy-Talk from Gov. Murphy, NJ’s Public Pensions Remain in Deep Trouble
Posted On01/26/2022 bySunlight wants to amplify a highly credible report that sounds the alarm on NJ’s public pensions by Andrew Biggs (of the American Enterprise Institute) for the Garden State Initiative (GSI). The bottom line: Because NJ’s pension system remains unreformed, Gov. Murphy’s record $6.9 billion pension payment was “money down the drain” and NJ’s public pensions remain in…Read More
Another Study Rates Teachers’ Pension Fund As One of the Worst in the Nation; 2021’s Stellar Returns Won’t Change That
Posted On12/07/2021 byA third reputable institution has found the New Jersey teachers’ pension fund to be one of the very worst in the nation. First it was the Center for Retirement Research, then the Brookings Institution, and now Bellwether Education Partners‘ has published its own ranking of state teachers’ pension funds. NJEdReport has already done its (usual)…Read More
Federal Money Shores Up NJ’s Budget, But Gov. Murphy Opts for Election-Year Spending Rather than a Sustainable Path
Posted On07/21/2021 byThe gusher of federal money has certainly been a boon to New Jersey as well as other states. This has had a number of positive ramifications, most importantly filling state coffers so that even perpetually in-deficit state governments like NJ’s are now running budgetary surpluses. This has allowed NJ to increase spending (in an election…Read More
Contra NJ Spotlight, NJ Public Pensions Are Still in Trouble and Need Reform
Posted On07/08/2021 byA surprising puff piece on NJ pensions from NJ Spotlight’s John Reitmeyer, who is usually a very good, fair reporter. Yes, it’s true that NJ is making a record payment into its woefully underfunded public pensions, and, yes, it’s true that stellar investment returns boosted pension assets to $90.6 billion (from $84.9 billion as of…Read More
Tax Foundation: NJ Pensions Are the Worst Funded in the Nation. Why Is Gov. Murphy Pouring in Billions of Good Money After Bad?
Posted On06/07/2021 byJust as Politico is reporting that Gov. Murphy is considering making a payment even larger than last year’s $6.4 billion (14% of the entire state budget) into NJ’s broken public pension system, the Tax Foundation came out with a report that underscored how Murphy is throwing billions of good money after bad. The report determined that…Read More
Star-Ledger Publishes Sunlight Op-Ed: Teachers Need To Be Told the Truth About Their Pensions
Posted On05/05/2021 byN.J. teachers need to be told the truth: Their pensions are in jeopardy | Opinion Today 9:37 AM as of June 30, 2020, New Jersey had less than 25 cents set aside for every dollar it owed for teachers’ pensions. With such a low funded-level, Brookings makes clear that this amounts to throwing billions of…Read More