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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S&P Global Downgrades NJ’s Credit Rating Again

New Jersey’s financial reputation took another hit yesterday, with S&P Global, one of the Big 3 Wall Street credit-rating agencies, announcing it has once again lowered the state’s debt grade by one step. The downgrade is another setback for Gov. Chris Christie, a Republican who has now suffered through more credit-rating reductions than any New Jersey… Read the rest of this entry »

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