Pension News

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A recent article in the New York Times (April 4 2007) raised an alarm over New Jersey’s failure to adequately fund our public pension systems over the past decade including the Teachers Pension and Annuity Fund (TPAF). NJPSA is pleased to see the spotlight on this recurrent issue in state budget and pension policy. Notwithstanding the significant contribution to the pension funds by the Governor and Legislature this budget year the TPAF system has a multi-billion dollar unfunded liability which must be addressed. You will hear more about this issue in the media in the next few weeks as a longstanding legal challenge to the state’s failure to fund public pensions is about to begin.

NJPSA has been a strong voice on this issue before state lawmakers. In the past year Association staff along with selected members have advocated for full state funding of our public pensions before:

  • Former Governor Codey’s NJ Benefits Review Taskforce
  • Senate and Assembly State Government Budget and Appropriations Committees
  • Special Legislative Session’s Joint Committee on Public Employee Benefits Reform
  • The Office of Governor Jon Corzine
  • All New Jersey Legislative Offices
  • The New Jersey Division of Pensions
  • The State Health Benefits Commission

NJPSA also participated in public employee pension and health benefits rallies in 2005 and 2006.

NJPSA recognizes the importance of representing our members at the state and federal levels and protecting not only the benefits that you have spent a career securing but also those of the professionals who will lead our schools into the future. To this end NJPSA initiated a statewide membership outreach campaign to local legislators through the Pensions and Benefits Action Packet (December 2006) and subsequent follow-up meetings to communicate to members legislators and the local press the importance of protecting the pensions and benefits of career public employees.

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NJPSA will continue to keep you informed of future developments in this critical area.

NJPSA is Working for YOU!