In 2007, the SEC ruled the NJ Pension fund, as the worst run pension system in the nation. The mismanagement of the system began with Governor Whitman and her raid on pension funds, and her bonding system that did not bring solvency. Locally in that period, Senator Littell and two other Republicans knew the truth and voted with their Democratic comrades, risking the wrath of a Governor.
In that period, I wrote a piece in the NY Times on their statesmen-like actions. They were spot on, as the Supreme Court has now shown! Every Governor, since Whitman has raided or underfunded the system.
According to the current head of the NJEA, “New Jersey’s unfunded pension liability has grown by billions of dollars.” Some say $30 billion in liabilities and I guess more than $60 Billion! There were some improvement in many of the other state pension systems with many funding at 70% or better, and some like Alaska and South Dakota were at 90%.
Our Governor has flat -funded education and not kept bargains with a non-completed railroad tunnel, and the 2011 pension and benefit law, known, as Chapter 78, which was to fund pensions fully within seven years! Public Service workers agreed for give backs in health care funding benefits!
Those workers also agreed for a larger percentage of their pay for pension stability, and the government was to make its fair share, which has not and will not now. No one counted on the Governor’s hedge fund overseers charging $600 million in fees for risky investments! The recent Court ruling on Chapter 78 means public service workers are stuck with higher payments, and a less secure pension. The Governor has caused harm!
Bill Weightman, Hardyston