The very notable exception is New Jersey’s Teachers’ Pension and Annuity Fund (TPAF), which is by far the single-worst public pension in the Brookings study. TPAF is New Jersey’s largest public pension fund and covers all active and retired teachers. New Jersey’s Public Employees Retirement System (PERS), the pension plan for state and municipal workers, is second-worst but not nearly in the dire predicament of TPAF.
This is what Brookings had to say about TPAF: Under any of their investment return scenarios, TPAF is in “near-term trouble” — meaning near-term insolvency. Brookings projects that TPAF will run out of assets in 12-to-15 years, at which point the $4.5 billion-plus in benefits payments will have to be made from the New Jersey’s perpetually strained state budget. This would be a fiscal disaster for New Jersey and a retirement crisis for TPAF’s 262,000 beneficiaries.
Author(s): Mike Lilley
Publication Date: 5 May 2021
Publication Site: NJ.com
Associated Press requests last year for written and electronic communications among officials about the coronavirus were denied as “overbroad,” a kind of catch-all under the state’s Open Public Records Act that permits officials to shield certain information.
The administration also cited emails among the governor’s staff as privileged under the law because they were “inter-agency” and “consultative or deliberative,” additional carve-outs that prevent the release of documents under the law.
The administration also denied public records requests seeking payment vouchers for personal protective equipment it bought, saying it would be disruptive. Asked about it late last year, Murphy said he wasn’t sure why the information was withheld and soon afterward, the state divulged a list of expenditures showing about $220 million in expenses.
Author(s): Associated Press
Publication Date: 14 March 2021
Publication Site: nj.com