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New Jersey State Employees

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New Jersey State Employees Powered By Docstoc
					     NJ Public Employee Retirement Benefits Are Similar to or Inferior to Those in Surrounding
     States or in Comparable State Plans
                                Total Participants                                                                                                       Pension After 30 Years
               State            (active + retired) Assets ($Bn)        Contributions                    Full Benefit Eligibility     Benefit Formula            Service
                                                                                            Yrs to                                              Yrs Avg
                                                                     State  Employee        Vest       Min Age         Or          Multiplier Final Comp AFC $33K AFC $50K
     New Jersey                        1,006,656    $       73.2      1.16%   5.00%          10              60      55 w/25       1.818%           3    $ 18,000 $ 27,270

     Regional Comparisons

 1   PA State Employees                  219,962    $       28.8      2.03%       6.25%       5              60               2.500%             3       $ 24,752    $ 37,500
 2   NY State and Local                1,175,964           128.0     11.50%       3.00%       5              55     62/5      2.000%             3         19,802      30,000
 3   MA State Employees                  164,304            16.5      0.00%       8.00%       10             65 less 0.1/yr** 2.500%             3         24,752      37,500
 4   RI State Employees                   72,012             6.3     11.51%       8.75%       10           none               2.790%*            3         27,624      41,850
 5   CT State Employees                   97,838             8.1     18.31%       2.00%       10             55               2.000%             3         19,802      30,000
 6   DE Public Employees                  80,860             5.9      4.91%       0.00%       5            none 60/15,62/5 1.850%*               3         18,317      27,750
 7   MD State Retirement                 376,100            32.1      4.73%       2.00%       5            none               1.300%*            3         12,871      19,500
 8   ME State Retirement                 104,868             9.0     15.85%       7.65%       5            62 or              2.000%             3         19,802      30,000
 9   NH Retirement System                100,840             4.4      5.90%       5.00%       10             60               1.670%             3         16,535      25,050
10   VT State Employees                   16,136             1.0      9.90%       3.35%       5            none               1.670%             3         16,535      25,050

     Large Comparable Funds

 1   CA Public Employees               1,582,388    $      190.2     15.94%       5.00%       5              55                    2.000%        1       $ 19,802    $ 30,000
 2   FL Retirement System              1,296,758           108.2      7.39%       0.00%       6            none    62/6            1.600%*       5         15,841      24,000
 3   WI Retirement System                524,170            67.9      5.50%       5.00%       5              57                    1.765%*       3         17,475      26,475
 4   OH Public Employees                 762,826            57.7     13.31%       8.50%       5            none    60/5            2.200%        3         21,782      33,000
 5   VA Retirement System                650,050            43.1      3.91%       5.00%       5              50 rule of 80         1.700%        3         16,832      25,500
 6   TX State & Municpal                 450,222            34.6      6.00%       6.00%       5            none rule of 80         2.300%        3         22,772      34,500
 7   CO Public Employees                 361,260            34.5     10.15%       8.00%       5              50                    2.500%        3         24,752      37,500
 8   IL State & Municpal                 480,182            30.4     16.11%       4.00%       8            none 60/8, 85 pts       1.670%        4         16,535      25,050
 9   MI State & Municpal                 142,794            15.0     13.12%       0.00%       10             55                    1.500%        3         14,851      22,500
10   MO State & Municpal                 179,186             9.7     10.64%       0.00%       5            none rule of 80         1.700%        3         16,832      25,500

     * benefit multiplier varies depending on years of service or service during certain years
     ** the penalty for early retirement in Massachusetts is .1% per year, so that a worker retiring at 55 would reduce
     his or her pension payout by only 1%. By contrast, the penalty for early retirement in NJ is 3% per year.
             NJ Public Employee Retirement Benefits Are SImilar to or Inferior to Those in Surrounding
             States or Comparable State Plans

                                                                                                                                 Pension After Thirty
                                                                      Contributions                                                Years Service

                                        Total     Market Value                         Yrs to Normal
  As of            State Fund        Participants Assets ($bn)       State    Employee Vest Retirement Multiplier   COLA     AFC $33K       AFC $50 K

 6/30/2006   New Jersey PERS *            431,558            79.2     6.00%       5.50%    10    60/10     1.82%     Yes     $     17,998   $   27,270

             Regional Comparisons
12/31/2006   MA SERS                      135,089           20.5      6.64%     11.00%     10    65/10     2.50%     Yes           24,750       37,500
12/31/2006   PA SERS                      213,032           32.8      6.25%      3.52%      5     60/3     2.50%    Ad Hoc         24,750       37,500
 9/30/2006   ME State & Teacher *          68,365            9.6     15.52%      7.65%      5     60/5     2.00%     Yes           19,800       30,000
 3/31/2007   NY S&L ERS *                 881,507          156.6     10.70%      3.00%      5     62/5     2.00%     Yes           19,800       30,000
 6/30/2007   DE State Employees *          54,645            7.3      6.10%      3.00%      5     62/5     1.85%    Ad Hoc         18,315       27,750
 6/30/2006   RI ERS *                      46,074            7.3     21.13%      8.75%     10    60/10     1.84%     Yes           18,216       27,600
 6/30/2006   NH RS                         71,449            4.7      6.70%      6.30%      0    60/any    1.67%    Ad Hoc         16,533       25,050
 6/30/2006   VT SERS                       12,461            1.2      6.48%      5.13%      5    62/any    1.67%     Yes           16,533       25,050
 6/30/2007   MD PERS *                    141,738           39.4     13.01%      2.00%      5     62/5     1.40%     Yes           13,860       21,000
 6/30/2005   CT SERS                       85,624            8.1      4.90%      0.00%      5     62/5     1.33%     Yes           13,167       19,950

             Large Comparable Funds
12/31/2006   CO PERA *                 81,670               38.6     10.65%       8.00%     5     65/5     2.50%     Yes           24,750       37,500
 8/31/2007   TX ERS *                 202,952               24.4      6.45%       6.00%     5     60/5     2.30%    Ad Hoc         22,770       34,500
12/31/2006   OH PERS                  538,209               65.3     13.54%       9.00%     5     60/5     2.20%     Yes           21,780       33,000
 6/30/2007   CA PERS *              1,218,074       $      251.9     17.02%       5.00%     5     60/5     2.00%     Yes           19,800       30,000
 6/30/2007   MO SERS                   83,055                8.1     12.78%       0.00%     5     62/5     1.70%     Yes           16,830       25,500
 6/30/2007   VA RS *                  486,395               56.9      5.74%       5.00%     5     65/5     1.70%     Yes           16,830       25,500
 6/30/2007   IL SERS                  122,964               12.1     11.53%       4.00%     8     60/8     1.67%     Yes           16,533       25,050
 6/30/2007   FL RS                    943,500              134.3      9.85%       0.00%     6     62/6     1.60%     Yes           15,840       24,000
12/31/2005   WI RS                    394,796               71.4      4.70%       5.00%     0    65/any    1.60%    Ad Hoc         15,840       24,000
 9/30/2006   MI SERS                   78,555               10.9     13.60%       0.00%    10    60/10     1.50%     Yes           14,850       22,500

             * Market Value includes funds covering teachers and/or local government employees

             Public Fund Survey (http://www.publicfundsurvey.org/publicfundsurvey/index.htm)

				
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