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The Murphy administration and the Legislature must stop crossing their fingers that the pension funding crisis will grow itself out of the problem. New Jersey’s pension fund is crossing the ...
A $56.6 billion spending plan for New Jersey that puts in place a new tax to fund NJ Transit, makes a full pension payment and covers the state's school funding formula is expected to be signed by ...
The United States is hitting "peak 65" this year, with 4.1 million baby boomers reaching this retirement age.Unfortunately, much of this silver tsunami does not have adequate retirement savings ...
In the aftermath of a $3 million-dollar reduction in state aid to Orange, [19] Hawkins sought to increase the ability of New Jersey cities to cut spending through pension and health benefit changes, civil service and collective bargaining reforms, and relief from unfunded mandates.
Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.
In May 2005, [29] Governor Richard Codey named Murphy to chair the New Jersey Benefits Task Force on public sector employee benefits in response to the New Jersey pension crisis, a particularly long-running instance of the state-level pensions crises taking place nationwide. [2] [16] [23] The task force reported its findings in December 2005. [30]
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Here's exactly what the ANCHOR benefit is, and how you can check your benefit status in New Jersey. ... or had certain life changes such as a divorce or death of a spouse, you must file using the ...