Get documents about "New Jersey State Employees
Description
New Jersey State Employees document sample
Document Sample
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)
Related docs
