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 »
Senate President Stephen Sweeney (D-Gloucester) was supported by advocates for seniors and the disabled as well as union and construction representatives. With the deadline for final legislative approval of a proposed constitutional amendment to boost public-employee pension funding now just days away, it appears more likely than ever that it will not be put before voters… Read the rest of this entry »
TRENTON — State Senate President Stephen Sweeney does not leave room for doubt when he says the Democratic-led state Legislature will fully fund New Jersey’s public worker pension system next year. “We’re going to fund it,” he said. Democratic leaders say they’re forging ahead with plans to make a $3.1 billion contribution into a pension system… Read the rest of this entry »
TRENTON — New Jersey’s pension fund earned 7.3 percent on its investments last year, which state officials said beat market expectations. But those gains didn’t live up to the 7.9 percent annual rate experts say is needed to keep troubled pension fund from adding to its liabilities. The investments returned 7.27 percent, but were hurt largely… Read the rest of this entry »
TRENTON — New Jersey has paid hundreds of thousands of dollars in fees to a Wall Street investment firm in the three years since Gov. Chris Christie said he was terminating all investments with the company, International Business Times reported today. That same firm, Angelo, Gordon & Co., hired Christie’s wife, Mary Pat Christie, as a… Read the rest of this entry »
Pay for NJ public employees climbed $360M in 2013, report says (via NJ.com)
New Jersey’s public employees were paid about $26.7 billion last year — $360 million more than in 2012. State taxpayers funded the positions of an additional 1,409 workers last year — an increase of 1.3 percent, according to a report by the Asbury…
Chris Christie to reduce pension payments to fill $800M NJ budget gap (via NJ.com)
TRENTON — Gov. Chris Christie today announced plans to reduce two key payments scheduled for the state’s pension system for public workers — an emergency move that could trigger lawsuits and further downgrades of the state’s credit rating but solves…
Chris Christie promises to take ‘extreme measures’ on pension if Democrats don’t play ball (via NJ.com)
LONG HILL — The day after his budget address, an upbeat Gov. Chris Christie returned to a message that has worked for him in the past: State finances are in trouble and only he can help. The Republican governor urged Democrats in the state Legislature…
By Art Gallagher
The Record is reporting that even after New Jersey’s pension system has been reformed that employees of the NJ League of Municipalities, the NJ School Boards Association and the NJ Association of Counties are eligible to collect state pensions.
As of 2009, retirees of those lobbying groups were collecting pension of $1.3 million annually, according to The Record.
Senate President Steve Sweeney and Assembly Speaker Sheila Oliver say they are working on the problem.
Posted: August 10th, 2011 | Author: Art Gallagher | Filed under: Pensions | Tags: NJ Pensions | 1 Comment »© Copyright 2024 | MoreMonmouthMusings | All Rights Reserved