New Jersey's underfunded pensions continue to be a big problem, prompt tough choices | State | NewJerseyNewsroom.com -- Your State. Your News.

newjerseynewsroom.com

Saturday
Jul 12th
  • Login
  • Create an account
    Registration
    *
    *
    *
    *
    *
    REGISTER_REQUIRED
  • Search
  • Local Business Deals

New Jersey's underfunded pensions continue to be a big problem, prompt tough choices

dollars_opt_copy_copyBY JANE WOODRUFF
NEWJERSEYNEWSROOM.COM

A task force has revealed that New Jersey’s underpayments to its public pension fund have been grievous, and the resulting shortfall will going to create an extraordinary strain on state government over the next few years.

The nonpartisan State Budget Crisis Task Force has been analyzing the finances of six different states, reports the New York Times, and in New Jersey, the burgeoning pension commitments are set to wreak havoc.

The pensions for public workers have been underfunded for years, by both Democratic and Republican governors.  Administrations have constantly diverted funds from the pension fund to pay for other projects, with no provision to repay it later.  Governor Christie has tried to remedy this behavior, and last year, $1 billion was paid into the fund.  However, according to a report on Reuters.com, that was only about one-third of the actuarially required amount that should have been contributed.  By 2018, the yearly payment needs to be $5.5 billion.  There is no way revenue is on target to meet that goal.

Governor Christie has tried to overhaul the system by raising the retirement age to 65, forcing workers to pay more toward their pension, and halting the automatic cost-of-living adjustments.   Employees at all levels were outraged:  a state judge actually sued to protect his own compensation, saying judges’ pensions were exempt from the cuts.   An amendment to the state constitution passed easily by voters this fall and declared that yes, judges had to face the cuts, too.

New Jersey’s expenses, particularly in education and Medicaid, are growing faster than their revenue.  The changes to the system have narrowed the deficit in pensions from $37 to $26 billion.  But those changes have been planned a ramp, so that each year the required pension payment increases.  Making those payments will mean spending cuts in other areas, forcing some very difficult choices in Trenton.

 
Comments (5)
5 Monday, 17 December 2012 19:22
jiu
Hello,everybody,the good shoping place,offer fashion goods and nfl jerseys
throwback classic,the new season was coming soon, click in. buy something
with your and your family!

===== http://www.famalegoods.net ====

Air jordan(1-24)shoes $33

Nike s h o x(R4,NZ,OZ,TL1,TL2,TL3) $33

Handbags(Coach lv fendi d&g) $33

Tshirts (Polo ,ed hardy,lacoste) $16

Jean(True Religion,ed hardy,coogi) $30

Sunglasses(Oakey,coach,gucci,Armaini) $12

New era cap $9

Bikini (Ed hardy,polo) $18

FREE SHIPPING

Accept Credit Card Payment!

--- http://www.famalegoods.net ---

A friendship founded on business is better than business founded on
friendship. Thanks!
4 Saturday, 15 December 2012 07:19
gsyb
WOW,Xmas Was coming soon,we suggest hot SELL Product to your purchase:
LV Coach Handbags ,nike shoes,air jordan shoes,nike shox shoes,gucci shoes ,true religion jeans, ed hardy jeans,coogi jeans,affliction jeans, Laguna Beach Jeans,ed hardy T-shirts,Coogi T-shirts,Christian Audigier T-shirts,Gucci T-shirts,Polo T-shirts,coach handbag,gucci handbag,prada handbag,MK handbag,NIKE NFL JERSEY!
http://www.shoppingone.net
Air jordan(1-24)shoes $40
Nike shox $35
Handbags(Coach lv fendi gucci) $35
Tshirts (Polo ,ed hardy,lacoste) $16
Jean(True Religion,ed hardy,coogi) $30
Sunglasses(Oakey,coach,gucci,Armaini) $16
New era cap $9
Nike NFL Jerseys $20
free shipping accept credit card payment
http://www.shoppingone.net
3 Saturday, 15 December 2012 04:16
http://www.sneakerfreeon.com/
Looking for Nike shoes? then you are in luck. You nike free 3.0 v4 sale can find a wide variety of Nike Free 3.0 V4 for some of the lowest prices here. The thing about these Nike Free 3.0 V4 is that they really look good. We sale the cheap Nike free cheap nike free 5.0 v4 mens run shoes to Australia ,about kids' shoes and nike lunarglide .Nike Free Run v2 Shoes are not a "series", but a philosophy. Nike Free Run 6 v3 Shoes advanced design concept also comes from here. After watched the African long-distance race great soldier' barefooted training, they released Nike Free 3.0 v4 shoes. The nike free run review is nike free haven 3.0 mens for sale deserved has become the most outstanding running shoes. More important is, no one can be a substitute for nike frees 7.0 specific!The Nike free tr fit: runners-like feel, shoe-like benefitsTaking a cue from the intricate workings of the bare foot. The Nike Free 5.0 V4 Mens Running Shoe emphasizes natural foot movement while delivering an cheap nike free run mens extraordinary feel, combined with the cushioning, traction and underfoot protection of a shoe. The Nike Free Run 4.0 Women's Running Shoes are comfortable and highly flexible so your feet become stronger.The Nike Free 3.0 V4 Men's Running Shoes are comfortable and highly flexible so your feet become stronger. The men's nike free 4.0 v2 sneakers on sale running shoes provide a customized, barefoot-like feel during your run. The lightweight upper features a seamless forefoot for exceptional comfort, and a modified Nike Free outsole with flex grooves enhances the foot's flexibility and stability.
2 Friday, 14 December 2012 20:06
fui
Hello,everybody,the good shoping place,offer fashion goods and nfl jerseys
throwback classic,the new season was coming soon, click in. buy something
with your and your family!

===== http://www.famalegoods.net ====

Air jordan(1-24)shoes $33

Nike s h o x(R4,NZ,OZ,TL1,TL2,TL3) $33

Handbags(Coach lv fendi d&g) $33

Tshirts (Polo ,ed hardy,lacoste) $16

Jean(True Religion,ed hardy,coogi) $30

Sunglasses(Oakey,coach,gucci,Armaini) $12

New era cap $9

Bikini (Ed hardy,polo) $18

FREE SHIPPING

Accept Credit Card Payment!

--- http://www.famalegoods.net ---

A friendship founded on business is better than business founded on
friendship. Thanks!
1 Friday, 14 December 2012 18:55
sdjfi
WOW,Xmas Was coming soon,we suggest hot SELL Product to your purchase:
LV Coach Handbags ,nike shoes,air jordan shoes,nike shox shoes,gucci shoes ,true religion jeans, ed hardy jeans,coogi jeans,affliction jeans, Laguna Beach Jeans,ed hardy T-shirts,Coogi T-shirts,Christian Audigier T-shirts,Gucci T-shirts,Polo T-shirts,coach handbag,gucci handbag,prada handbag,MK handbag,NIKE NFL JERSEY!
http://www.shoppingone.net
Air jordan(1-24)shoes $40
Nike shox $35
Handbags(Coach lv fendi gucci) $35
Tshirts (Polo ,ed hardy,lacoste) $16
Jean(True Religion,ed hardy,coogi) $30
Sunglasses(Oakey,coach,gucci,Armaini) $16
New era cap $9
Nike NFL Jerseys $20
free shipping accept credit card payment
http://www.shoppingone.net

Add your comment

Your name:
Subject:
Comment:

Follow/join us

Twitter: njnewsroom Linked In Group: 2483509