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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NJ Dem Chair Gets Pension Boosting Job

NJ Dem Chairman John Currie, standing between Congressman Frank Pallone and state Senator Vin Gopal in 2014. That’s Dem Freeholder candidate Lawrence Luttrell, left of U.S. Senator Cory Booker

Congratulations to NJ Democratic Party Chairman John Currie on his new job as the Public Information Officer of the Passaic County Board of Social Services.  And congratulations to the Board on finally finding the right man for the job after an exhaustive 14 year search.

Currie is the perfect man for the $92,000 part time job because, as the head of the Passaic County Democrats, the New Jersey Democrats, the Passaic Board of Elections and his partnership in a Chevrolet dealership, “he knows everybody,” BSS director Tony Desimone told The Record. Read the rest of this entry »

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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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Op-Ed: Pensions, Politics, and the New Jersey Education Association

By Michael Lilley

New Jersey’s public pension and health-benefit system is a looming disaster that threatens the future of the state. According to my research and a recent report by WNYC – under new, more realistic accounting standards, the total amount of the state’s unfunded public-pension and retiree healthcare liabilities is $253 billion. The state budget is… Read the rest of this entry »

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O’Scanlon: Trenton Dems to blame for NJ’s credit downgrades

Assemblyman Declan O’Scanlon, the Republican Assembly Budget Officers responded to Democrats’ suggestion the New Jersey’s declining credit rating is solely the fault of the Christie Administration by suggesting Democratic leadership look in the mirror.

O’Scanlon cited downgrade reports from Moody’s and S&P:

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N.J. Supreme Court hands Christie big win on pension COLAs

TRENTON — The state Supreme Court on Thursday upheld a landmark 2011 law freezing cost-of-living adjustments for retired government workers, a decision that will slowly erode the value of pensions paid to 800,000 current and former public employees. The 6-1 ruling is a major legal victory for Gov. Chris Christie’s administration, which warned that restoring the… 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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