NEW JERSEY PENSION SYSTEM AMONG WORST IN THE COUNTRY
TRENTON (October 13, 2016): The National Federation of Independent Business (NFIB) wasn’t exactly shocked by a new report released today by the American Legislative Exchange Council (ALEC) concerning unfunded public pension liabilities.
“The small business community in New Jersey is no stranger to being ranked nationally as one of the worst states in the country for things like economic outlook, tax structure and now unfunded pension liability,” according to NFIB New Jersey state director, Laurie Ehlbeck. “Taxpayers in New Jersey are on the hook for over $26,000 per person just for our pension system. That’s a staggering amount to make up for, especially given the stagnant economic climate.”
This report individually ranked states in terms of the amount of unfunded pension liability per capita, pension funding ratio, and total unfunded pension liability. In each of the rankings, New Jersey ranked at the bottom nationally.
“Lawmakers have been failing to keep promises to both public employees and the small business sector for years. The irony is that so many espouse rhetoric pushing broad-based pension reform but in the end, they simply kick the can down the road and ignore the stark reality facing taxpayers,” continued Ehlbeck. “This report should serve as a wakeup call to legislators but unfortunately lately they seem to just be repeating the same mistakes of the past that have gotten us in the position that we are in today.”
