Sobering numbers from NJ pension systems
Retirement payments to the state's 217,000 retirees are up $363 million from $4.7 billion last year. Treasury spokesman Tom Vinz told my colleagues Jean Mikle and Paul D'Ambrosio of the Asbury Park Press the main reason for the 7.7 percent increase is cost-of-living adjustments. Every retiree receives an adjustment after two years, and then receives a bump each subsequent February. The 10 highest paid NJ state workers who retired in 2007 are getting a combined $1.08 million a year in pensions, an average of $108,000 per retiree. The top 10 of 2006 got a combined $1.01 million. The state's highest pension payment goes to former Newark Schools Superintendent Marion Boldon, who retired July 1. She is entitled to a $158,861 annual pension. The average pension works out to $23,720 a year. About 25 percent of retirees move out of state. Mounting pension debt -- an estimated $25 billion -- is a dark cloud on the horizon. With the bulging Baby Boomer generation nearing retirement, some are worried the system cannot survive. Reforms instituted last year included raising the retirement age for newly hired workers from 60 to 62, and requiring new part-time employees to earn $7,500 per year to qualify for pension credit, up from $500 for teachers and $1,500 for other government employees. Assemblyman Declan O'Scanlon, R-Monmouth, said the reforms are not enough because they were watered down. O'Scanlon said that a part-time employee should not be entitled to a state pension, and that the minimum salary for a pension should be $14,000 or $15,000. He also said that employees should work a minimum number of hours per week, say 30 to 35, to qualify for a government pension. That makes sense to people in the real world. Government employees contribute a percentage of their salaries to the pension fund. Members of the Public Employees Fund and Teacher's Fund contribute 5.5 percent; the Police and Firemen's Fund, 8.5 percent; the State Police, 7.5 percent, and the judiciary, 3 percent. Why do the judges get off so easy? To see and research government pensions click here.
Labels: retirement
posted by Bob Ingle at 7:42 AM
27 Comments:
When John Donne wrote "No man is an island, entire of itself, " he'd never heard of self-absorbed Jersey educators.....and Jersey trough-swilling government employees.
Each trough-swiller exists in a total vacuum that echos with Me, Myself and I.
"Get All I Can" possesses the minds of these fixated egomaniacs.....and to hell with taxpayers.
These people studied at the School of Whatever Works for Me.
The state's highest pension goes to ex-Newark Schools Supt Marion Boldon, retiring July 1 with a $158,861 annual pension.
SWINDLE God only knows what her retirement package looked like.
Now in order to get that royal pension, the Supt had to come up with some mighty large figures. Where did she get the numbers?
A state investigative report showed educators routinely file falsified reports to hide stratospheric compensation from taxpayers.
All documents filed by Boldon should be scrutinized. If false documents were filed that would incur felony charges:
Falsifying official documents incurs felony charges for 1st-degree tampering with public records, 1st-degree offering of a false instrument for filing, 4th-degree grand larceny, and 1st-degree falsifying of official records.
ARTICLE OF CONTRACT LAW Filing false documents would also null and void all payments, pensions, contracts and emoluments, since the educator did not negotiate in good faith.
No one cares about the government grunt who gets a pension of $23,720 after 25 years of service. The outrage comes when do nothing government trough swillers get $108,000 for making the lives of the people of NJ miserable. These people are compensated beyond anything resembling their ability unless one considers deception, theft, lying, and spin "ability". It is the gross PIGS at the top of the food chain than incense the people.
I propose a radical new concept for government employment. The first and only requirement for any state job is a person's moral make up, their character, for as you can see, no matter how much lipstick you put on a pig it is still a PIG.
Bolden has been replaced by a serial failure.
Not satisfied with the abysmal job done by Bolden, jonboy went out and got some slob who failed in Rochester, NY and failed even more miserably in Washington D.C.
The thinking must be that when you have stinking sewer of corruption and child abuse (that is what public education in Newark really is, child abuse)you wouldn't want to hire someone that was successful in directing a school district, someone who demanded results and got them. No, you should hire another toadie who will do what he is told, demand nothing, accomplish nothing, spend all the Abbott money and then retire.
I wonder what the new guy's pension will be?
Hmmmmm...lets see annual pension cost up to 5.2 billion a year ,State pension lost 4.1 billion last 9 mos ...I must commend Jon he's right on tract to my projections of state bankrupt within 7 years .Keep up the good work Mr Corzine next year in order to entice more early retirements up the anti to better benefits ,and a bigger buy out ,Jon has never let me down on just how much he can bleed from the taxpayers
JERSEY'S ASTOUNDING $9.2 BILLION ANNUAL EDUCATOR PAYROLL
NJ has 142,000 public school employees soaking taxpayers for an annual $9.2 Billion payroll. The state currently owes $25B for pensions and $60B for future health care for retired teachers and others.
Jersey has 21 counties, 567 towns, and 615 school districts with 900 tax-sucking Supts and Asst Supts--(some supervising one or NO schools), business admins, and lawyers, all with support staff, perks, benefits, lifetime luxury living and health care.
These swillers pocket six-figure bonuses, early retirements, royal pensions, severances, lifetime annuities, health care, clothing allowances. Plus state cars, drivers, free fill-ups, maintenance and insurance, free meals and travel.
Consolidating is a good idea. But educators are already colluding to get theirs----by inserting poison pill clauses in contracts. BOE’s would pay full salaries PLUS the cash equivalent in benefits if a district dissolves or consolidates.
MAKE THEM GO AWAY Like the ghouls in Night of the Living Dead looking for fresh blood, educators roam the earth sucking-on taxpayers long AFTER they retire.
CASE ONE Joseph Passiment, 61, gets a golden parachute, and will keep sucking up tax money. The Man-Eng schools business admin will retire — sort of — with $80,000 pension PLUS $153,000 payout for unused sick-vacation.
He's moving into a $95,000 taxpayer-funded job as county executive bus/admin. Passiment also got a **sudden** 4% salary increase to take effect less than 8 weeks before he "retires" to pump his several pensions.
CASE TWO Creatures of vote-crazed Corzio----we now have Super Supts who **supervise** existing Supts.
(waiting for hysterical laughter to die down)
Monmouth Cnty Super-Supt, Carole Knapp Morris retired as Manasquan schools Supt making $180,178 plus. She NOW sucks up $134,450 annual pension AND $120,000 salary as Super-Supt PLUS state car, free $4 gas fillups, free travel, meals, etc etc etc. ad infinitum, ad nauseaum.
We need to see travel, phone, faxes and financial transactions of all these Super Supers to determine what they really do on our dime.
IT'S OVER.
IRS checking into Rutgers retirement accounts Friday, August 8, 2008
Last updated: Friday August 8, 2008, EDT 8:26 PM BY PATRICIA ALEXSTAFF WRITER
Rutgers University — under review by the state comptroller for its athletic spending — is also facing an IRS probe.
The Internal Revenue Service is examining Rutgers’ handling of two state-managed compensation plans, the university confirmed today.
The IRS requested information about the plans in June. The inquiry deals with administration of the 403(b) and 457(b) retirement accounts in 2006.
Rutgers spokesman Greg Trevor said the IRS has met periodically with the university “over the years ... as they do with many large organizations.”
Because the investigation is ongoing, Trevor said he could not comment further.
A report by the State Commission of Investigation in 2006 found the university’s bookkeeping to be shoddy and recommended the school be more forthcoming about its finances. President Richard McCormick has pledged “greater transparency” from the publicly funded school.
Rutgers has been under scrutiny for deals it made with its football coach, Greg Schiano, that have pushed his compensation package to nearly $2 million annually.
State Comptroller Matthew Boxer and an in-house committee appointed by McCormick last week are both examining athletic spending at Rutgers. The school is forging ahead with a $102 million expansion of its football stadium despite a drop in state aid that has forced cutbacks in academic staff and programming. Rutgers University — under review by the state comptroller for its athletic spending — is also facing an IRS probe.
The Internal Revenue Service is examining Rutgers’ handling of two state-managed compensation plans, the university confirmed today.
Mounting pension debt -- an estimated $25 billion -- is a dark cloud on the horizon. With the bulging Baby Boomer generation nearing retirement, some are worried the system cannot survive.
Bob, i need to make some corrections to todays blog...
1.A DARK CLOUD IS ALREADY ABOVE US AND ITS STARTING TO HAIL
2.EVERYONE KNOWS THE SYSTEM CANNOT SURVIVE
Javagold
Javagold: As hard as it is for you and me and others to believe, there are those who think this system can go on forever without drastic change. The Baby Boomers will retire and add to the pension rolls. That's only part of it. The Boomers who don't work for the state will retire and discover they can't afford to live here and will move out. The people coming in behind them won't have their income for the state to tax heavily.
Were I a state employee I would join the chorus calling for big time reforms now -- if only in my self interest.
There are too many people who think about today.
Funny how everyone can see the impending doom but those who benefit from it and are in a position to do something about it.
128 PIGS feeding 600,000+ blind pigs.
Feeding them more and more every year and the food is about to run out.
A ship of fools run by fools.
The ship of fools should take note of how well benevolent, private companies treat their retirees. There probably hasn't been a cost of living increase for most retirees in at least ten years. (Ask AT&T retirees) Of course, as taxpayers, we are expected to be more compassionate and be submissive and quiet as our leaders swoop in with an evil hand and skim every dollar in sight.
AON 12:38 Cmon' you know that cost-of-living adjustments that retirees receive is necessary to lure away all the great Teachers and Superintendents away from private business ,where they could surely make millions more .That's another reason we must lavish great benefits and accumulated sick days .Do you really want our kids being taught by low life sleazy I can't find a better job teachers ?...do you ?
If I were a teacher starting out in NJ I'd invest everything allowed into IRAs because by the time you retire the pension plan will be broke just like social security.
Accumulating vacation and sick days only happens here in NJ with state employees. This does not happen in the REAL world. Give the NJEA, CWA and the rest of the unions the choice to either accept this or the number of employees will be halved. Reducing the workforce by 50% would have no affect on performance by any state office.
You wrote:
"Were I a state employee I would join the chorus calling for big time reforms now -- if only in my self interest.There are too many people who think about today."
PEOPLE WHO ARE IN THE MIDDLE OF ROBBING A BANK RARELY SAY, WELL LET ME LEAVE A LITTLE IN THE SAFE FOR WHEN I COME BACK TOMMORROW. INSTEAD THEY ROB AND GRAB ALL THEY CAN AS QUICK AS THEY CAN AND HOPE THEY GET OUT BEFORE ALL HELL BRAKES LOOSE. THIS IS WHY THEY ACT THE WAY THEY DO.
You see where we have come, we Americans. Our society is on the brink of failure. Remember the Bi-Centennial celebration? We won't see a Tri-Centennial. We will join a list of failed regimes, and in fact, will probably make the "Hall of Shame" by being one of the most affluent yet short-lived. Other civilizations failed due to climatic upheaval, or succumbed to invaders or political rot. Our circumstance is why Cincinnatus did not believe the common man should be involved in governing. He saw that once those of loose moral fiber and low intelligence discovered they could vote themselves largesse from the public coffers, the game was over.
We here in NJ have painted ourselves into that corner, and are in fact, the nation in microcosm. The rest will follow; we just will arrive at the implosion point first, like the head of a flying insect as it impacts the windshield of a speeding car. Rail and lament all you wish: there is nothing you can do except escape to another venue for the little extra lifetime it will provide.
The "entitled ones" who drain our lifeblood will not stop of their own accord, and those with the power to change the system are so deeply committed to the entitled that they dare not take appropriate action. They are like men on fire, hanging from the edge of a cliff; they need to beat out the flames, but dare not release their precarious handhold, lest they plummet to their doom.
It's kind of like being part of the mob: the only way out is "feet first".
Learn basic survival skills; teach your children.
vates
Bob:
Why not tell the readers that your employer, Gannett, suspended any future contributions to your pension earlier this year. Six Flags froze their pensions last year.
vates,
Brilliant post.
Please post again.
JD
the way i see it, i have two choices left. move out of state or sign the deed to my house over to the state in lieu of some outrageous property taxes coming down the pike. i choose to move. just where in hell do you find cola increases to private pensions? consider youself lucky that your pension doesn't decrease every year except if you are a NJ public retiree who will have an increase every year. i can't wait until the whole rotten system collapses and it won't be long. i'll be watching from another state.
They don't give a rat's behind about us, the future of the state, or the tax burden with which they saddle our kids.
They don't care about whether we have trouble affording groceries, school clothes or medicine.
They just take and take and take.
PIGS
Only the " employer" will have the power to reform the pension fund. The employer is the taxpayer.
Why do you think the CWA Unions and the NJEA were so upset at Steve Sweeney when he started to point out all the problems and offered reforms? These Unions did not want the taxpayers to be reminded that , they , the taxpayer, are the real employers and that they, the taxpayers, have to power to reform the system .
The Unions also did not want their regular every day workers to be reminded that " their" pension fund was in serious trouble.
Sweeney letthe rant and fiel know that his reforms, minor as they may be , were for their good. The Unions did not like having their membership " informed" .
What Sweeney has found out , and other Legisaltors are starting to find out, is thatther is no backlash to being a pension reformer. The CWA and NJEA let the issue get out of their control and now you will continually see reform bills come up.
Union leaders are out of touch and are injeopardy of having their members turn on them if something is not done about pension reform.
Throwing the bums out in Union elections might just be the next thing you will see.
Lets blame it all on those who kept their part of the bargain to do the job faithfully and to contribute from their own salaries. the majority of public employees who retire are receiving less then $30,000. a year.
Taking it out on these people who many have put in over 35 years of service makes a lot of sense when politicians who hold part time jobs for 21 years making less than $10,000 and getting a "pay off" appointment to some board or commission and receive $100,000 a year for 4 more years part time service and receive a pension of
$45,000 plus.
Blame the Governors Whitman DE Francesco, MC Greevy, and Cody for not putting the state's share for 11years and blame your local mayors for not putting in the municipality's share for 6 years.
That right you the tax payer did not put your fair share which was part of the contract with the public employee.
Now you expect them to bite the bullet and help you out just like the oil companies did or electric service and the telephone companies due when you can't pay or won't pay.
Go after the the bums who sit in their public offices like sweeney who has 3 jobs and 2 public pensions who are taking your dollars and wasting them on giving themselves full benefits for part time work.
Does anybody know if they can take the pension from employees who have less than 10 years? I think once they are vested or have tenure (not sure of the difference in the two), they can't be touched. However, anyone on the payroll without it can just be switched to a 401K -- No?
anon 10:35
The way the law is written once you have five years in the pension system, your benefits can not be touched. At ten years you are vested in the system.
Just an aside does anyone ever read the comments from the guy who believes fraud is everywhere. I am speaking of anon 9:03, anon 9:07, anon 10:01, anon 10:05, and anon 10:59. I am pretty sure it is the same person, although anon 9:03 could be a different person. I find him or her to be very comical.
Seems to me that the vast majority of the pension abuses are committed predominately by two groups. (1) Those in the education profession, and (2) present and former politicians and their cronies.
The sitting legislators are too afraid to take on the education industry and too greedy to modify the benefits that they have lavished upon themselves over the years. We're SCREWED!!!!
want to reform the pension system? kick out all the legislators and part time politicians, and trim back the deadwood in the state offfices. As a retired worker in the pension system, i can only say the system was screwed up by the state, not by the employees. we paid our money into the system over the years, the state stopped with their share years ago; they made bad investments, we didn't; we took the LOWER PAYING jobs for a brighter future. perhaps private companies should come back to their previous levels of benefits, instead of asking retirees to give up their HARD EARNED benefits. oh yes, maybe we should look at the screw ups by the federal government also! and i only received a 10 dollar a week cost of living increase. wow!!!
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