Stuff in the ‘Pension and Benefit Crisis’ Category
New Jersey Gets Bond-Rating Upgrades, But Many Challenges Remain for the Future
Posted On04/18/2023 byThe good news: all three bond-rating agencies upgraded their ratings for New Jersey’s bonds for the second time in the last year. The upgrades are good news in that they reflect an improved fiscal condition, largely due to efforts to address New Jersey’s substantial long-term debt burden. The Murphy administration is taking victory laps, but…Read More
Urban Institute: NJ Teachers’ Pension Plan Still in Deep Trouble, Projected to be Insolvent in 20 Years
Posted On03/29/2023 byAs Gov. Murphy proposes to pump another $7 billion of the state budget into New Jersey’s unreformed public pension system, Sunlight thought it would be a good time to highlight this reality check from an Urban Institute report entitled “Addressing and Avoiding Severe Fiscal Stress in Public Pension Plans.” The authors examine the 2021 data…Read More
State of the State: What About Learning Loss, Public Pensions and Healthcare Costs, Governor Murphy?
Posted On01/12/2023 byGov. Murphy gave his State of the State speech and there was a lot of talk about New Jersey “leading the nation” in this or that, which tells you a lot about where Murphy’s head is. But it’s what Murphy left out of his speech that is really telling. There were three large gaps in…Read More
Truth In Accounting 2022 Survey: New Jersey’s Financial Condition Is Dead Last in the Nation
Posted On12/21/2022 byDespite federal pandemic relief funds, record tax revenues and a lot of happy talk from Gov. Murphy, New Jersey’s long-term financial condition was ranked the worst in the nation. That’s according to Truth In Accounting (TIA), which just published its 13th annual review “Financial State of the States 2022.” While the Murphy touts New Jersey’s various…Read More
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