Tag: pension

New Jersey 2023: Legacy costs, debt service will eat 26% of state revenues

TRENTON, N.J. – Moody’s issued a stark warning on Monday evening about the scope of New Jersey’s public debt/pension crisis, one which has earned its pension system the dubious distinct of being among the nation’s least stable. By 2023? 26% Read More

N.J. public employees convicted of domestic violence don’t forfeit their pensions

TRENTON, N.J. – It may seem like a small issue in light of the New Jersey pension system’s massive problems, but one legislator finds it galling that a public employee convicted of domestic violence does not automatically forfeit his or Read More

Actuary legislator warns: New Jersey’s pension system is “real close” to being too far gone

TRENTON, N.J. – New Jersey’s basket case of a pension system is in bad enough shape without help from the Murphy Administration. This week, we found out that the system returned just 6.27% rather than the 7.5% projected as of Read More

Trenton spending $5 billion more (so far) under Phil Murphy

TRENTON, N.J. – Assembly Republican budget officer John DiMaio criticized the Democrat legislature’s $38.7 billion FY2020 budget on Thursday, comparing the Democrats’ internal debate to rearranging deck chairs on the Titanic.  While Democrats rejected tax and fee increases demanded by Read More

Underinvestment, mismanagement continue to drive N.J.’s pension liability crisis

TRENTON, N.J. – Wednesday’s Assembly budget hearing with state Treasurer Elizabeth Muoio raised plenty of eyebrows. During the hearing, Assemblyman Ned Thomson of Monmouth County (an actuary by trade with ample experience overseeing pension investments) warned that the Murphy Administration’s Read More