Has NJ Solved the Pension & Retirement
Health Benefit Problem?
What was actually accomplished and
what is facing other governments?
Friday, September 30, 2011
9 am – 12:30 pm
Paul Robeson Campus Center, Multi-Purpose Room
School of Public Affairs and Administration – Rutgers University-Newark
Hall Institute of Public Policy – Trenton, New Jersey
Pension and Retirement Health Benefit costs are a significant budget problem for most state and local government. The state of New Jersey faced some of the biggest issues of any state such that its unfunded liability for both segments of these retirements aggregated in excess of $121 billion. Significant changes were made to both pension and health benefits by the Governor and the Legislature, effective immediately – on a phased-in basis.
This Forum will explore the changes that were made, including the impact on state and local government budgeting; the impact on employees; the impact on the retirement and health systems; the impact it has made to the credit rating of the state and its jurisdictions; and what might be the long range impact on the finances of the state.
In addition, we will review the New Jersey changes within the framework of what is happening in other states as viewed by the Pew Center of the States and Fitch Rating Agency – as well as actions being considered in New York City as viewed by the Independent Budget Office of the City of New York.
DOWNLOAD: Program (pdf)