New Jersey’s pension system is in dire straits. In simple terms, the state cannot afford to fully fund the system while also funding other programs important to Jersey residents.
With that said, Gov. Chris Christie has recently signed an Executive Order creating a Pension Study Commission. Most observers believe the current pension will be scrapped in favor of a defined-contribution plan. In fact since 1969 the public higher-education crowd in New Jersey has been mandated into a defined-contribution plan where the employer contributes 8 percent of the worker’s pay while the worker pays in 5 percent.
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