O’Scanlon: “This is a crtical moment for our children’s future”

By Senator Declan O’Scanlon

Senator Declan O’Scanlon

So. This is what it’s come to. Incredibly, we just passed one of the largest tax increases in the history of the state…and we’re no more than one, infinitesimal, step closer to sustainable solvency than we were the day before. And trust me, we are very ($ billions) far away. We don’t need infinitesimal steps, we need bold leaps…and we need bold leadership willing to make them.

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Hornik calls for Murphy administration to dramatically reform pension system

Gov Phil Murphy and Marlboro Mayor Jon Hornik

Marlboro Mayor Jonathan Hornik today noted that the State of New Jersey historically shirks its obligations to the “chronically underfunded” pension system while local governments have been meeting their obligations.  Hornik’s comment came in a press release touting S&P Global Ratings reaffirming his township’s AAA bond rating.

S&P noted that while the Township continues to make its annually required pension contribution to the State of New Jersey, the State pension system is chronically underfunded. “Local government continues to pay its share, and historically the State has shirked its obligation,” stated the Mayor. “In the context of our review, S&P reiterated its concern regarding the long term health of the State system. I am hopeful that with a new Administration in Trenton, the State will take a more responsible approach to its stewardship of the pension system.”

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Will Phil Murphy veto giving police and fire unions control of their pensions?

The state Legislature passed legislation Monday handing control of the pension fund for New Jersey’s police and firefighters over to its members. But it’s uncertain whether the governor will sign the bill as is. Gov. Phil Murphy, a Democrat, has concerns over the Democrat-backed bill that would spin off police and firefighter pensions from the broader… Read the rest of this entry »

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Christie move will force a big boost in pension price tag for Phil Murphy

A small tweak to New Jersey’s pension system made by Gov. Chris Christie’s administration could create a huge headache for incoming Gov.-elect Phil Murphy, who will find state and local governments’ bills for public worker pensions jacked up by hundreds of millions of dollars. The state treasurer cut how much the state should assume it will… Read the rest of this entry »

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O’Scanlon’s Pension Fix Has A Safety Valve

Assemblyman Declan O’Scanlon (R-Monmouth) outlines his plan to shore up New Jersey’s grossly underfunded public-employee pension system during a news conference held in the State House yesterday. Democratic leaders want the voters to decide this fall whether the state should make a series of hefty contributions to the underfunded public-employee pension system. But Assemblyman Declan O’Scanlon… Read the rest of this entry »

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N.J. Democrats begin final push on controversial pension maneuver

TRENTON — State lawmakers are initiating a final push Monday to get a constitutional amendment mandating contributions to New Jersey’s public pension system on the ballot in November. The state Legislature approved the ballot question last year and must pass it again this year with a simple majority in order to qualify for the fall election.… Read the rest of this entry »

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U.S. Supreme Court staying out of pension fight is good for N.J., Moody’s says

TRENTON — A Wall Street rating agency called the U.S. Supreme Court’s decision not to hear an appeal on New Jersey’s pension contributions “credit positive” for the state. The Supreme Court late last month declined to review the case that pitted public labor unions against the Christie administration, which slashed billions of dollars in planned pension… Read the rest of this entry »

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Sweeney plan to bypass Christie on N.J. public worker pensions clears first hurdle

TRENTON — A key state Senate committee on Thursday approved legislation to ask voters to revise the New Jersey constitution to require the state ratchet up contributions to the public pension system. The constitutional amendment relies on a big economic unknown: That the state’s natural growth will drum up at least $600 million a year in… Read the rest of this entry »

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N.J. pension investments sag after years of double-digit returns

TRENTON — New Jersey’s giant public worker pension system lost $2 billion in the fiscal year that ended in June as investment returns sagged to 4.16 percent, state investment officials said Wednesday. And the volatile stock market this summer brought an even bigger hit to pensions. The value of the fund was $79 billion at the… Read the rest of this entry »

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Four months on Hudson County payroll gets Jim McGreevey lifetime benefits

Former Gov. Jim McGreevey has begun taking his state pension with a little help from Hudson County taxpayers, who will pay for his lifetime health benefits thanks to his recent four-month stint as a county attorney. The decision to allow McGreevey to work for the county for four months and then retire with lifetime benefits has… Read the rest of this entry »

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