Lagerkvist: NJIT President's $5.3M Contract Tops New Jersey's Pay and Perks for College Chiefs

By Mark Lagerkvist


At $555,000 a year, Joel Bloom does not have the highest salary among New Jersey public college presidents. But counting his extra benefits and perks from New Jersey Institute of Technology, Bloom has a taxpayer-supported deal that’s second to none.

Bloom’s five-year contract with NJIT is worth roughly $5.3 million. And that doesn’t count the cost of his pension, health insurance, vacation time, sick leave and expense account – not to mention the car and driver provided by the Newark-based research university.

No other public officials in New Jersey receive the levels of compensation that many college presidents enjoy – not even Gov. Chris Christie or state Supreme Court justices, according to a NJ Spotlight analysis.

The little-known cornucopia of extras is detailed in employment contracts obtained by NJ Spotlight under the Open Public Records Act. For example, Bloom’s deal with NJIT includes:

• Performance bonus of up to 25 percent of his salary. Last year, it was $130,000.
• Annual “retention incentive” bonus of $120,000 to help ensure his loyalty to NJIT.
• Housing allowance of $85,000 a year
• Three-fourths of his salary for two years – $825,000 based on his current pay – as an advisor and figurehead with the title of president emeritus after he retires or resigns.

NJ Spotlight’s analysis of the contracts of New Jersey’s 30 public college presidents found:

• 20 have contracts that provide for annual bonuses based on performance or longevity
• 17 receive deferred compensation or contributions to annuities to supplement the public pensions.
• 17 receive free use of college-owned residences or housing allowances as part of their compensation packages.
• 23 are provided with the use of college cars or an allowance to cover the cost of their own automobiles.

The story is now online at NJ Spotlight – http://www.njspotlight.com/stories/16/05/22/njit-president-s-5-3m-contract-takes-top-spot-among-nj-college-chiefs/. Details on each college president – with links to their contracts – is posted at http://www.njspotlight.com/stories/16/05/22/the-list-all-the-presidents-pay-and-perks-at-new-jersey-s-public-colleges/.

NJ WATCHDOG: 7 deadly sins of NJ pensions = $104-B debt

For immediate release:


The fiscal future of New Jersey and Gov. Chris Christie’s presidential ambitions hang in the balance as Trenton finally faces the $104 billion deficit in the state’s retirement system.

One key is whether Christie and the Legislature can agree to plug costly loopholes and stop blatant of public pensions. If not, many public officials will continue to gorge themselves at the public trough while others make sacrifices.

A long line of governors and legislative leaders — past and present, Republicans and Democrats — share the blame for decades of unaffordable promises and political favors. As a result, pensions are underfunded by $51 billion, plus the state faces a $53 billion shortfall from retiree health benefits, according to the latest official numbers.

Joseph Blaettler is a poster boy for a governmental retirement system gone wild.

At age 46, Blaettler retired as Union City deputy police chief. Collecting nearly $135,000 a year from his pension, he will rake in more than $4.5 million by age 80, his statistical life expectancy. And that figure does not include the cost of his retiree health benefits.

“Politicians created this system, and I simply accepted what they gave me along the way,” Blaettler told New Jersey Watchdog. “If taxpayers want to get angry with someone, they need to ask their local and state politicians how they allowed the system to get to the point it is at.”

Christie is expected to propose a new round of reforms next month based on the findings of a special commission he picked to study the dilemma. The question is whether state officials can learn from their past mistakes.

During the past four years, New Jersey Watchdog investigations have focused on the “Seven Deadly Sins of New Jersey Pensions.” Reporter Mark Lagerkvist revisits the retirement shams, schemes, double-dipping, disability abuses, benefits giveaways, six-figure pensions and deadbeat behavior by state leaders.

The story is now online at http://watchdog.org/171777/deadly-sins-pensions.

$100K Club of NJ Retirees Grows 75% in 3 Years

For Immediate Release:


New Jersey's elite $100K Club of retired public officials has ballooned by 75 percent in the last three years.

A total of 1,731 retirees collect $100,000 a year or more from state pensions – an increase of 739 pensioners since 2010, according to a New Jersey Watchdog analysis of Treasury data.

New Jersey Watchdog also found:

• Sitting at the top of the list with $195,000 annual pensions are former Jersey City school superintendent Charles Epps and retired Essex County College president A. Z. Yamba.
• Among local governments, the City of Paterson is the capital of the $100K Club. Paterson has 34 retirees receiving $100,000-plus, followed by Hoboken and Bergen County with 26 each and Paramus with 25.
• Retired police and fire officials are most likely to be to $100K Club members. The Police and Firemen's Retirement System has 794 six-figure pensioners – trailed by the Teachers' Pension and Annuity Fund with 527, Judicial Retirement System with 283 and Public Employees Retirement System with 127.
• The overwhelming majority of PFRS $100K retirees – 737 or 93 percent – took advantage of "special retirement." It is an exclusive provision in state statute that allows police and fire officers – but not other public employees – to retire at relatively young ages.

The story is now online at http://newjersey.watchdog.org. The direct link to the story – including New Jersey Watchdog's lists of $100K Club retirees – is http://newjersey.watchdog.org/2014/02/24/100k-pension-club/.