New Jersey State/Local Pension Plans Among the Worst in Nation

If you look at the statistics and figures compiled by the Urban Institute, New Jersey’s overall rating is a D. The sectors covered are: local, state, teachers, and police and firefighters. While retirement income for long-term employees is given an A for most sectors, all the other ratings are abysmal. That New Jersey has pension-funding woes is not news; for example see this March 25, 2014 NJ Spotlight report entitled Gov. Christie Retroactively Cuts State Pension Payment. Other relevant writings are: Underfunded Pension Plans in the United States (Harvard, 2012); Why the Pension Crisis in New Jersey Will Not Be Fixed (NJ State League of Municipalities, 2013); Fourth Annual State Debt Report (State Budget Solutions, 2014); The Widening Gap Update (Pew, 2012); Pension Politics: Public Employee Retirement System Reform in Four States (Brookings, 2014); 2012 Survey of Public Pensions: State and Local Data (US Census Bureau, 2014); and Pensions (National Conference of State Legislators, 2014).

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