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New Jersey Teachers Chatboard

pension package and retirees?

by ron/nj

Jun 20, 2011

Is there anything proposed in this latest package that affects retirees?

ron

view previous comments

ron/nj, NFM .

Jun 29, 2011

Ellie On 6/29/11, ron/nj, NFM wrote: > . how so....the freeze on COLAs still stands or did I miss something?

Jun 29, 2011

ron/nj, NFM .

Jun 29, 2011

Richard On 6/29/11, Ellie wrote: > On 6/29/11, ron/nj, NFM wrote: >> . > how so....the freeze on COLAs still stands or did I miss > something? >

Retirees were also hit. Yes no COLAS. That really stinks. I did read somewhere that it might be brought to court. How did that slip by?

Jun 30, 2011

Ellie how so....the freeze on COLAs still stands or did I miss >> something? >> > > Retirees were also hit. Yes no COLAS. That really stinks. > I did read somewhere that it might be brought to court. > How did that slip by?

it didn't slip by ...there's very little they can do to eliminate benefits except get rid of COLAs ...See Morehow so....the freeze on COLAs still stands or did I miss >> something? >> > > Retirees were also hit. Yes no COLAS. That really stinks. > I did read somewhere that it might be brought to court. > How did that slip by?

it didn't slip by ...there's very little they can do to eliminate benefits except get rid of COLAs because the pensions are legally considered deferred payment.

And even the COLAs are included in this so they can't "get rid" of the COLAs. They didn't do this...they simply said postponed paying them until the fund is 80% funded. That could take 30+ years ...or never.

And yes there are legal actions being taken but that could take 5 years or more to settle. Most likely it will settle in favor or the retirees but that still might do any good. Legal fees will eat up quite a bit and the NJ fund is still in big trouble. The 5 years of accumulated COLA payments could eat up most of the fund.

I'm not in NJ but have been following your state closely because it will probably set the precedence for other states with public pension problems (and there are LOTS). Christi has already said other states have privately called him about how to do similar actions in their states.

One of the big problems with the NJ fund is all the skipped payments by the state. And the unions kept getting what they were asking for so minimal fuss was put up. NO ONE asked what was going to happen years down the line to the retirees when the money ran out. It's very difficult...well impossible...to play catch up on what should have been put in.

In my particular case....and I just retired...I'm not counting on my pension. I'm desperately trying to start a new career. I would like to basically bank my pension and build my private savings. If my pension holds then it's a fabulous plus and I'll spend away later in life. But if it doesn't then I can't afford to find out in my 80s.

The stuff you'll read on what has gone on with our pensions will make you beyond enraged but the bottom line is if the money isn't there ...it's not there. So better to have a backup plan in place and fight like hell for what's rightfully yours in the meantime.

Jun 30, 2011

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