Pensions mess may worsen with bill letting police, firefighters choose benefits
New Jersey police and firefighters will have more control over their pensions, but is that really a good thing?
By Joe Mysak|March 27, 2018 at 04:30 PM
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(Bloomberg) –The massive shortfalls in public pension funds are the single biggest financial challenge for American’s states and cities. So allowing government workers to determine their own benefits — as New Jersey may soon do — seems a clear recipe for disaster.
The New Jersey Legislature on Monday passed a bill allowing the police and firefighters to control “how their retirement funds are invested and their levels of contributions and benefits,” according to NJ.com. It passed the Senate by 34-2 and the Assembly by 67-2, giving it broad bipartisan support, and now goes to Governor Phil Murphy, a Democrat, for his signature.
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