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Fitch: Pension Fund “Depletion Dates” Raise Red Flags

Under new GASB accounting standards, public pension funds are required to calculate their “depletion date” – or, the date where benefit payouts become larger than assets. The dates help give context to the funding situations at the pension funds, says Fitch Ratings. For some of the country’s most underfunded plans, the depletion dates are startlingly ...
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Pension Funds Sue Chris Christie Over State Contribution Cut

New Jersey’s three largest pension funds filed a lawsuit against New Jersey Gov. Chris Christie on Wednesday for slicing the state’s required pension contribution by $900 million in 2014. The complaint can be read here. More from New Jersey Watchdog: Filed Wednesday in Mercer County Superior Court, the lawsuit is the latest conflict in the wake ...
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“Everybody’s Not Going To Retire At The Same Time”: Actuary Evaluates Former Illinois Governor Edgar’s Pension Comments

  Last month, former Illinois governor Jim Edgar gave his thoughts on the state’s pension situation. He notably said he didn’t support the state’s pension reform law, and said the following: “I don’t think also you have to have 100 percent funding in the pension plan. Everybody’s not going to retire at the same time. I think you can ...
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Proposed New Jersey Bill Would Halt State Aid to Municipalities Not Complying With 2011 Pension Reforms

A New Jersey assemblyman proposed on Thursday a piece of legislation that would block state money to cities that aren’t complying with the state’s 2011 pension reform law. From NJ.com: [Assemblyman Declan] O’Scalon said he is proposing the legislation after reports surfaced that Newark had not been collecting payments that employees are legally ...
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Kolivakis on Post-GASB New Jersey and Pension Fund Compensation

Last week, the funding ratio of New Jersey’s pension system dropped 20 points. That’s because the state began measuring funding under new GASB accounting rules, which requires using market asset values instead of actuarial ones. This new way of measuring liabilities puts New Jersey in an even deeper hole. But as Leo Kolivakis of Pension Pulse points ...
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New Jersey Pension Funding Drops 20 Points As New Accounting Rules Kick In

The funding status of New Jersey’s pension system dropped 20 points this week as the state’s Treasury Department began measuring funding using new accounting rules. From Reuters: In a document released on Tuesday after a bond sale, the state revealed that one of its five main pension funds will have insufficient assets to cover projected benefit ...
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New Jersey Pension Shifts $100 Million From U.S. to Asian Real Estate

The New Jersey Division of Investment, the arm of the state government that manages and invests pension assets, is pulling $100 million out of U.S. real estate and shifting the money to a fund that invests in Asian real estate. The fund will invest in real estate in China, Japan, Singapore and Australia. More details from IPE Real Estate: The New Jersey ...
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Moody’s: Public Pension Liabilities Declined in Majority of States in 2013

States paid more of their actuarially required contributions to their pension systems in 2013; coupled with “strong” investment performance, 27 states saw their pension liabilities decline in fiscal year 2013, according to a new Moody’s report. From Pensions & Investments: In a report released Thursday, “U.S. State Pension Medians for FY ...
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Robert Grady Steps Down From New Jersey Pension Investment Board

Robert Grady has resigned from his position as chairman of the New Jersey State Investment Council. He announced his decision during the council’s meeting on Wednesday. The Council formulates investment polices that govern New Jersey’s Division of Investment, which manages the state’s pension assets. The rest of the board members collectively ...
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New Jersey Lawmaker Wants to Reduce Pension Tax to Keep Retirees From Leaving State

In light of a recent poll that found 25 percent of New Jersey residents are “very likely” to leave the state when they retire, one lawmaker wants to reform the way the state taxes pension benefits. The goal is to keep middle-class retirees in New Jersey. More details from the Burlington County Times: New Jersey Senate President Stephen Sweeney ...
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