Stuff in the ‘Pension and Benefit Crisis’ Category
Very Sorry to Report More Bad News on NJ Public Pensions
Posted OnApril 21, 2020 bySPCNJ recognizes that NJ citizens are rightly concentrating on the devastating effects of the Covid19 pandemic. But having studied NJ’s pension issues for many years, SPCNJ believes that NJ citizens should informed of the facts – even if they are unpleasant and unwelcome. The state Division of Pensions and Benefits just released its annual report,…Read More
Not What We Want to Hear, But More Bad News on NJ Public Pensions
Posted OnApril 14, 2020 byWhile most of us are (rightly) concerned with Covid19, the ever-watchful BuryPensions blog has once again sounded the alarm. With our state government understandably consumed with the Covid19 crisis, SPCNJ has been trying to alert NJ citizens that there is trouble ahead. The bond rating agency S&P Global measured the liquidity of several stressed public…Read More
2019 NJ State Debt Report: The Facts
Posted OnApril 7, 2020 bySPCNJ is mindful that this does not seem like the best time to be the amplifier of not-so-good or bad news, but we have been following NJ’s debt profile for many years and believe that the facts should be presented to the public, who deserve to know the truth. No spin, no sugarcoating, just the…Read More
We Will Get Through Covid19 but with Severe Damage to NJ’s Public Pensions
Posted OnApril 6, 2020 byThanks to BuryPensions for alerting SPCNJ to a Bloomberg article by Aaron Brown that highlights the risks that the Covid19-related economic recession and market crash have created for New Jersey’s public-sector pensions. Brown estimates that the value of NJ’s pension assets has declined about 25%, and that the current funding level is in the area of…Read More
Looks Like Some Good News on Sweeney-NJEA Healthcare Deal
Posted OnMarch 17, 2020 bySenate President Steve Sweeney has introduced a new healthcare bill based on the recent deal between Sweeney and NJEA President Marie Blistan. The bill appears to take notice of the recent ProPublica investigation into excessive and wasteful out-of-network reimbursements in the state-run health plans for school employees (as covered by SPCNJ’s “Unnoticed $500,000,000 Scandal Is…Read More
Will the NJEA/Sweeney Healthcare Deal End the Out-of-Network Payments Scandal?
Posted OnMarch 10, 2020 byThe NJEA and Senator Sweeney claim the new deal will save $1 billion. SPCNJ hopes these savings are real but like everyone else we will have to wait for a detailed breakdown before passing judgment. But SPCNJ will ask one question: will out-of-network payments be capped (like CWA’s were) or will the $500 million scandal…Read More
Sen. Sweeney Speaks Truth to (Special Interest) Power
Posted OnFebruary 19, 2020 byBloomberg News quoted state Senate President Steve Sweeney as declaring New Jersey “in worse shape” than any other state. Sweeney is not exaggerating. The facts are sobering (drawn from Sunlight Policy’s report “Beware the Downward Spiral“): NJ has the worst funded public pensions in the nation at 38%, which means that the state owes future…Read More
Read NJ Left Behind’s Excellent Article on Extravagant Health Benefits and NJEA Resistance to Reform
Posted OnJanuary 2, 2020 byNJEA Execs Demand Continuation of $700/Hour Acupuncture Sessions — On Your Dime. LAURA WATERS DECEMBER 20, 2019 Say NO to pension and benefit attacks! “Legislation recently introduced by Senate President Steve Sweeney threatens the pensions and health benefits of NJEA members and other public employees. Instead of finding ways for the state to meet its…Read More
New Jersey’s public pensions and benefit are very expensive … for taxpayers
Posted OnJuly 29, 2019 byRegina Egea of the Garden State Initiative published an eye-opening op-ed in the Star-Ledger today. Highlighting a study by the former chief economist for the state, the report concludes that “our cost of benefits for public sector employers is 50 percent higher than the public sector in other states.” The costs of benefits are also…Read More
NJBIZ: Ratings Agency: Pensions still a drag on NJ economy
Posted OnJuly 26, 2019 byNew Jersey was infamously downgraded 11 times during the Christie administration, largely on account of its massive unfunded retiree liabilities, and due to continued insufficient funding of its public pensions, no upgrade is coming anytime soon. It’s a sad testament to the current situation that Gov. Murphy’s record $3.8 billion contribution is only 70% of…Read More