Analysis: Would an Elected Comptroller Solve NJ’s Pension Crisis?
New York State comptroller, Thomas P. DiNapoli. New York and New Jersey are high-cost states that share a regional economy, high state and local government payrolls and benefit plans, a wealthy tax base, and a scandal-ridden Port Authority. What the two states don’t share is a massive pension crisis and the poor bond ratings that go…More from my site
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Only in New Jersey would we think that by creating another governmental bureaucracy, with additional salaries, benefits and public pensions, we could solve our fiscal problems related to public pension funding.
1. Fully fund all the public employee pension systems (PERS (Public Employees), PFRS (Police & Fire), SPRS (State Police), JRS (Judicial), TPAF (Teachers), CPFPF (Consolidated Police & Fire), POPF (Prison Officers)) by boosting the amount employees pay into their system by at least another 2.5 to 5 percentage points (if at 7.5%, make it 10% to 12.5%) AND the state or municipal / county employer contribute the required amount.
2. Retirement age must be set at the Social Security retirement age of 66 and gradually increased to 70. Health benefits in retirement can only be provided when the retiree is eligible to collect Medicare. A minimum years of service must also be set at bewteen 25 to 30 years.
3. End “double-dipping” retirees and immediately end “grandfathering” to eliminate the abuses in the system.
4. Consolidate local and county governmental services wherever possible; that would include education and public safety (police) two of the highest cost services in order to create a more efficient and cost effective delivery of needed services .
Anyone else with suggestions?