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New Jersey's public pension system is $47 billion in the hole. But that doesn't derail the gravy train.
In 2010, 992 retired New Jersey public employees pulled in a pension of at least $100,000 per year.
By the end of 2013, that figure had swelled to 1,731 — an increase of about 75 percent.
A new report from New Jersey Watchdog goes into detail on exactly who is getting a six-figure annual payout in retirement, although some still hold other tax-payer funded positions.
Two retirees are each receiving $195,000 per year — former Jersey City school superintendent Charles Epps and retired Essex County College president A. Zachary Yamba.
Perusing the list one thing immediately jumps out. Under the "Retired From" column on line after line you see "BD OF ED" — Board of Education — especially at the very top where the highest payouts are shown.
Our public schools pay well, and they guarantee a very cushy retirement.
Also well represented, "Judiciary." Retired judges, living well. You'll recall these are the underpaid public servants who petulantly refused to contribute toward their own health care, requiring us to pass a state constitutional amendment compelling them to pony up.
Feel bad for them, I do not.
Rounding out the list, at slightly less than half (45%) of the 6 figure club, retired police and fire. Which stands to reason given that NJ has the highest paid police officers in the nation, and that's before the all too common overtime padding games they play to boost their pension payouts.
State Senate President Steve Sweeney (a Democrat, natch) has threatened to shut down the government if Governor Chris Christie tries to rein in even one dime of these lavish pensions. Because "public workers have given up too much already." So Christie's new budget will probably include draconian cuts to education and social services just to keep the public pension plan in clover.
Your tax dollars at work, buying pina coladas for guys sitting around a pool
in Miami Beach.
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