TRENTON, N.J. – The leadership of the New Jersey Education Association (NJEA) has long been notorious for high salaries and elitist tendencies.
According to a report released by the Sunlight Policy Center, the NJEA leadership’s pension plan is not only fully funded but also includes superior cost-of-living adjustments, retirement thresholds, overall funding levels and even contribution rates than the underfunded state pension and annuity fund in which its members participate.
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“Fortified with these millions of dollars of teachers’ dues, the NJEA leadership have rewarded themselves with very generous and very secure pensions. Sunlight’s research reveals that the NJEA leadership’s pensions are superior in virtually every respect to teachers’ pensions, and that the NJEA leadership can expect multi-million-dollar pensions worth as much as $5.5 million, or six-times greater than what a teacher can expect,” the report’s authors explain. “Their pensions are also over-funded, with $1.37 set aside for every $1 owed, so the NJEA leadership can sleep well at night knowing their pensions will be paid off as promised.”
Meanwhile, the regular membership fund is underfunded at 27%. That means there’s only 27 cents for each $1 owed to teachers.
Click here to read the full report.
