Lagerkvist: NJ $100K pensions double in 5 years

Retired New Jersey officials with $100,000-plus public pensions double in five years

The ranks of retired public officials who collect more than $100,000 a year from New Jersey pensions have more than doubled in the past five years, according to a NJ Spotlight analysis of state Treasury data.

When 2015 ended, 2,296 retirees were collecting six-figure pensions from state pension plans. It is a 131 percent increase above 2010, when the count was 992.

The top of the “$100K Club” is loaded with retired school executives. Former Essex County College president A.Z. Yamba leads the pack with $195,000 in annual retirement pay. Of the 30 pensioners who get $150,000 or more, 22 retired as educators.

But in sheer numbers, police and fire officials are predominate. Nearly half – or 1,131 pensioners – belong to the Police and Firemen’s Retirement System.

Of those PFRS retirees, 93 percent – or 1,050 – took advantage of a “special retirement” provision in state pension law. It allows law enforcement officers – but not other public employees – to collect full benefits after 25 years of service, regardless of age.

Ironically, the largest state pension plan – the Public Employee Retirement System – has comparatively few members in the $100K Club.

PERS has roughly 160,000 retirees, more than half of the state’s 300,000 pensioners. But just 172 – roughly one-tenth of one percent – get pensions of $100,000 a year or more. PERS is comprised of government workers who are not in the plans that cover educators, law enforcement and the judiciary.

Overall, less than one percent of state retirees belong to the $100K Club.

The complete story – and a database of state retirees collecting $100,000-plus annual pensions – are online at NJ Spotlight – http://www.njspotlight.com/stories/16/03/13/the-list-retired-nj-officials-with-100-000-plus-public-pensions-doubles-in-five-years/

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Mark Lagerkvist is a veteran investigative reporter who has worked for CNBC, News 12, Asbury Park Press, New Jersey Watchdog and other newspaper, television and online news outlets. His work has won more than 60 journalism awards, including honors from National Press Club, Scripps Howard Foundation, and Investigative Reporters & Editors (IRE). He can be reached at Mark@Lagerkvist.net.

NJ Watchdog: Assembly incumbents run from $194 B debt

With an election for New Jersey Assembly two weeks away, the numbers don’t look good for the fiscal reform desperately needed in Trenton.

The staggering $194 billion debt for public employee pension and health benefits is seldom debated in campaigns for the 80 Assembly seats up for grabs on Nov. 3.

The status quo is a 47 to 32 advantage for Democrats over Republicans with one seat vacant – a balance not likely to change much. The incumbents have outspent challengers $10 million to $2.2 million – according to a report by a New Jersey election commission.

Even more lopsided, the incumbents enjoyed a 10-to-1 cash-on-hand advantage – $5.2 million to $496,000 – over their opponents, as of Oct. 2.

That big edge in campaign finances helps them run for re-election while running away from their failure to solve New Jersey’s deep debt dilemma. The Assembly has been in recess since June – a spell approaching four months.

None of the New Jersey Senate’s 40 seats are on the Nov. 3 ballot. The next statewide election will be in 2017, when Christie's second and final term expires.

The complete story is online at http://watchdog.org/243078/nj-lawmakers-run-from-debt/.

NJ Watchdog: NJ debt nears $200 billion for benefits

By Mark Lagerkvist | New Jersey Watchdog

Guard your wallets, New Jersey taxpayers! The deficit in state pension and health benefit plans for public employees is fast approaching $200 billion.

The unfunded liabilities have reached a staggering $194.5 billion, according to a New Jersey Watchdog analysis of State Treasury records. The shortfall has increased by $19 billion – or roughly 10 percent – in the past year.

Here’s a breakdown of bad news that seems certain to result in higher taxes, decreased retiree benefits or both:

• New Jersey’s public pensions are underfunded by $113.1 billion. The state bears $80.5 billion of that burden. Local governments are responsible for the remaining $32.6 billion.
• State and local governments are also on the hook for $81.4 billion in unfunded health benefits for retired and active workers. The state owes $65 billion; the local share is $16.4 billion.
• The total shortfall is $194.5 billion – more than $60,000 per household. The figure is nearly six times higher than New Jersey’s total annual budget, currently $33.8 billion.
• At the present pace, those unfunded liabilities will exceed $210 billion next year.

“The situation is not only getting worse, but is fast approaching a point at which it will be beyond remedy,” warned the governor’s bi-partisan, blue-ribbon Pension and Health Benefit Study Commission in a report released in February.

The complete story is online at http://watchdog.org/237832/nj-benefit-debt-200b/.