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The states can not print money, but yes, their absurdly high pensions will be funded. After all, we the taxpayers have unlimited funds just for the funding of these 800,000 NJ public servants.
What a ripoff of the taxpayer!
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God bless America! It's good to receive!
The unseen is the municipal and state pension system is unfunded to the tune of a trillion in the US. There is very little hope of structural reform to enable growth. Therefore, they'll print money to fund the gap. So his pension will be paid, but in worthless currency.
If I was him, I'd seriously invest some of the 230k! unless he wants to dine on cat food in retirement.
The states can not print money, but yes, their absurdly high pensions will be funded. After all, we the taxpayers have unlimited funds just for the funding of these 800,000 NJ public servants.
What a ripoff of the taxpayer!
Get it straight, As a Public employee I pay part of my pension, my department matches it, No different than many private companies. NJ has several different plans, mine is funded. Now the NJ Governors, starting with Whitman, refused to pay their part, the Legislature stood with them, because it was to make them look like they were not raising taxes.
Add to that the number of elected and appointed cronies that put themselves in the "Employee' pension system, Like the governor himself.
The politicians don't pay the pension, for themselves or for the employer part. Take a pension they do not deserve and then blame us.