Thursday, August 31, 2006

Fat Pensions Bleeding Jersey

From the Star Ledger:

The fattest pensions for public workers

For lawyer Damian Murray, the road to a comfortable, taxpayer-supported retirement runs through Lacey Township. And Dover Township. And Seaside Heights. And five other Ocean County communities.

Murray, a former county freeholder, serves as a municipal court judge in those towns, and they will pay him a combined $287,000 for his services this year, according to figures prepared for a legislative panel by the state Division of Pensions and Benefits.

Of more interest to reform-minded lawmakers and state officials, Murray's eight salaries would qualify him for an annual pension estimated at more than $135,000 even if he were to retire today, at age 57.

The Ocean County lawyer is among more than 5,000 public employees running up pension credits in more than one public job, a hot-button issue at a time when lawmakers are considering fundamental changes to the pension system to rein in expenses.
...
Murray doesn't hold the largest number of positions -- that distinction belongs to Gloucester County lawyer Jere Powell, a municipal judge in 11 South Jersey communities -- but Murray does earn the most from his multiple posts, the list shows.

Several others are not far behind.

Edward L. Kerwin, an assessor in Warren Township and seven other communities, will earn $255,956 in assorted salaries, while parking expert Leonard T. Bier will make a combined $204,000 in salary from posts with Middlesex County and four North Jersey parking authorities, according to the list.

Powell, the Gloucester County lawyer with 11 posts, will earn $186,404 this year, enough to qualify her for a pension estimated at $74,000 a year when she turns 60.
...
The top 25 pension earners on the list will collect more in salary this year than state Chief Justice Deborah Poritz or the $175,000 salary authorized for the governor, the draft shows.



30 Comments:

Blogger Jpatrick said...

Maybe the way to pay for these pensions is to cancel a few public housing arrangements.

8/31/2006 11:32:00 AM  
Anonymous Anonymous said...

These bloodsuckers should be lined up & shot for treason, just like the neo-conservative lunatics.

8/31/2006 11:35:00 AM  
Anonymous Anonymous said...

re-donk-u-lous

8/31/2006 12:16:00 PM  
Anonymous Anonymous said...

Its difficult to keep
up with the way the
NJ taxpayer just continues to
get screwed.

Everyday its something else.

And taxes, well you know the rest
of the story.

NJ has turned into a Welfare State.
The blood sucking continues.

8/31/2006 12:47:00 PM  
Anonymous Anonymous said...

These numbers are astounding.

8/31/2006 12:48:00 PM  
Blogger Math, like gravity, is law. said...

Anonymous said...
These bloodsuckers should be lined up & shot for treason, just like the neo-conservative lunatics.

8/31/2006 12:35:03 PM

This is why NJ is rabidly anti-gun; they know law abiding citizens, armed, are tougher to steal from.

8/31/2006 12:54:00 PM  
Anonymous Anonymous said...

The MONEY GRAB BAG.

Private vs Public is night vs Day.

Unbelievable bleeding tax payors dry and NOONE stops'em.

IT'S TIME TO START SLASHING AND BURNING THESE LUCRATIVE TAXPAYOR LIABILITIES!!!!!!!!!!

8/31/2006 12:59:00 PM  
Anonymous Anonymous said...

WIPEOUT!!!!!!!

MSNBC has this report on exotic loans. “‘Joe’ is a homeowner who did not want to give his full name for this story because he’s ashamed to admit that he soon won’t be able to afford his monthly mortgage payments. In order to get the $800,000 house he bought early last year in California’s Silicon Valley, Joe got an ‘option ARM.’ The unpaid interest was tacked onto the principal, creating ‘negative amortization.’”

“He initially thought his salary would rise along with his home’s value. But when a lost deal closed the company and ‘For Sale’ signs popped up, and stayed up, in his neighborhood, a now-unemployed Joe is wondering how he will afford those higher payments when his rates adjust.”

“Joe is not an atypical homebuyer in the Bay Area or other now-bursting bubble markets across the country. Nearly half of the homebuyers and thirty percent of people refinancing mortgages in California chose interest-only loans last year.”

“Now these cheap mortgages that fueled the real-estate boom are beginning to hurt the homeowners they once helped. Higher interest rates and the end of honeymoon periods for too-good-to-be-true teaser rates are increasingly causing payment shock for borrowers.”

“‘Nationwide, approximately $400 billion of [home-purchase adjustable-rate mortgages] are scheduled to reset at some point in 2006,’ said Frank Nothaft, chief economist with Freddie Mac. ‘A significant number of homeowners will face some adjustments.’ In fact, the ARMs with scheduled payment increases this year work out to about 5 percent of all single-family debt outstanding in the country now, he said.”

8/31/2006 01:01:00 PM  
Anonymous Anonymous said...

"too-good-to-be-true"


That's a 10-4 Good Buddy!

Hehehehee

8/31/2006 01:03:00 PM  
Blogger jayb said...

Only in America (or maybe just NJ) can a lawyer make more than the state Chief Justice by working for multiple municipalities AND have this go unnoticed for how long? I wonder if NJ wasn't in such financial trouble if this would even be an issue?

8/31/2006 01:09:00 PM  
Anonymous Anonymous said...

by the way for those
of you who missed it.

NJ is going back into
the hedge fund business.

we are allocating money
to this area.

I hope we have great
traders on board.

Otherwise, oh, well.

8/31/2006 01:21:00 PM  
Anonymous Anonymous said...

ALOT OF LIFESTYLES AT RISK.

HEHEHEE

MAYBE FOR ONCE IN LAST 5 YEARS PRUDENCE AND SAVINGS WILL BE REWARDED...OKAY DUMMIES!

8/31/2006 01:22:00 PM  
Anonymous UnRealtor said...

"These bloodsuckers should be lined up & shot for treason, just like the neo-conservative lunatics."


Such tolerance for others -- and "progressives" label others "fascists"...

8/31/2006 01:28:00 PM  
Anonymous dreamtheaterr said...

Besides rampant spending on defense and healthcare bleeding this country, add lawyers to this list who are always looking to make a buck either by unnecessary litigation or what we see in NJ...bleeding everyone. Tax payers and consumers have to pay the price instead.....

8/31/2006 02:31:00 PM  
Blogger grim said...

From Marketwatch:

Be wary of headlines, Fed's Poole says

ederal Reserve officials try to clearly communicate their views, but investors should not be surprised at occasional miscommunication or at the fact that the Fed is not perfectly clairvoyant, St. Louis Fed President William Poole said Thursday.
Speaking to the Dyer County (Tenn.) Chamber of Commerce on Thursday, Poole touched on the broad subject of "understanding the Fed." Poole is not a voter on the Federal Open Market Committee this year, although he does participate in its discussions.
He offered some simple advice: "Be wary of headlines."
Poole said he tries to be forthcoming to reporters, but he recognizes that sometimes he doesn't speak clearly and sometime reporters don't get his views quite right.
"We all try to be as careful as possible, but are not infallible," he said. "Be aware that wire service reporters, in an effort to emphasize the most market-relevant information, may not transmit all the nuances that an FOMC participant was trying to convey in an interview."
"Be cautious about simple interpretations," he said.

8/31/2006 03:03:00 PM  
Blogger RentinginNJ said...

I posted this before, but I think this is a better spot for it…

Starting N.J. Teacher Salaries Crack $50K Mark
http://tinyurl.com/z3bya

TRENTON, N.J. -- Starting teacher salaries in New Jersey will crack the $50,000 mark this year, officials said.

New teachers in Westfield will be the first to earn more than $51,000.

The New Jersey Education Association set a goal of having minimum salaries of $40,000 five years ago. About 75 percent of 447 districts have reached it.

The teacher's union has set $50,000 as its new minimum.

A spokesman for the New Jersey School Boards Association told The Press of Atlantic City raises are generally based on the cost of living plus a little more.

My comments…
A 20% jump in the “target” starting salary over 5 years. You would think they would show some restraint given the property tax crisis facing the state and the increased attention being focused on government worker salaries & benefits.

It goes to show you that the teachers (and police) unions don’t need to show tact. They call the shots in this state and they are not afraid to let you know it.

8/31/2006 03:36:00 PM  
Blogger Math, like gravity, is law. said...

Governement workers getting entrepreneur pay! (without the risk)

How'd they get it? They just took it.

8/31/2006 03:54:00 PM  
Blogger Math, like gravity, is law. said...

PS: Jon Corzine, Loretta Weinberg, Gordon Johnson (my take just along for the ride), Barney Frank, Diane Feinstein, Barbara Boxer just to name a few, must feel so proud to see their socialist agenda coming to fruition.

8/31/2006 03:57:00 PM  
Blogger Math, like gravity, is law. said...

Ken Albert retired as city engineer for Englewood + some other positions within the city (Robert Benecke is another serial check receiver), pardon Leftywood, and wattt daaa yaa knowww, he didn't go fishing on a lake, he is now with the Englewood Economic Development Company...the company that initiated the "master plan" which resulted in 3 "unsolved" fires 99 cent store, McDonalds and Sugar Hill Studios...but wait the leftywood Economic Development corp, had plans for all of those property's (in addition to the ones the city stole, I mean eminent domained.)

Welcome to Bob Torricelli's former hometown, no wonder he felt so at home in Leftywood.

8/31/2006 04:06:00 PM  
Blogger Math, like gravity, is law. said...

Pardon me Grim, I am ranting; last one...
Guns are good !!!!!!!!!!!!!

8/31/2006 04:08:00 PM  
Anonymous Anonymous said...

1 USD = 7.95220 CNY.
Saw significant movement in the past week. Do you guys think this will have significant effect on the inflation?

MJ

8/31/2006 04:59:00 PM  
Anonymous Escape from NJ said...

State employee pensions - reason 745 to leave NJ.

8/31/2006 06:17:00 PM  
Anonymous Anonymous said...

Such tolerance for others -- and "progressives" label others "fascists"...

8/31/2006 02:28:22 PM

Actually Rummy the slavebreaker's house owner was using the specter of fascism better than any other politico, left or right, yesterday. It is a pot and kettle thing with him and fascism,imho.

8/31/2006 06:31:00 PM  
Blogger Richard said...

my canadian dollar positions have been doing fabulous for quite some time. if you aren't already get yourself diversified out of US dollars and into canadian and the euro, both are on the rebound.

8/31/2006 06:54:00 PM  
Anonymous Anonymous said...

What the hell is a parking expert and why is one worth more than $200k a year?

8/31/2006 07:11:00 PM  
Anonymous Anonymous said...

these numbers are going up.

they are in control, and the pols
will not do a thing to stop it.

NJ is over.

8/31/2006 07:37:00 PM  
Anonymous Anonymous said...

Indeed, a great Rumsfeld speech last Tuesday.

Your non sequiturs aside, someone here suggested people who had a different viewpoint should be "lined up & shot." Do you support such an outrageous and offensive notion?

8/31/2006 08:27:00 PM  
Anonymous Anonymous said...

Parking Expert:
The job I get your second cousin, twice removed, if you get out the vote for me.

Parking Expert Consultant:
The person who knows how to use a computer who is hired as an outside contractor to explain trend analysis and flow to the Parking Expert.

Contract Review Attorney:
The person who reviews all contract agreements for outside consultants hired, including the PE Consultant above.

Multiply by hundreds of locations.

Staff Actuary:
The internal professional hired to calculate quarterly and annual reports of the earnings for the PE, etc., in order to provide an annual data file to the person below.

Outside Consulting Actuary:
The consultant hired (by the hour) to provide benefit estimates (on request) by above. Also uses data from above SA to create annual Benefit Statements for above.

Sorry if I've left anybody out of the food chain of the Parking Expert, but you get the picture.

So, THAT is how we get those parking spaces that have those perfectly painted T's and L's painted at the corners in beach towns.


Pat

8/31/2006 10:20:00 PM  
Blogger Roadtripboy said...

If these public postions are all so lightweight that a person can do several, why aren't several combined into one job---at one, reasonable salary? Or does this go back to the idea of communities sharing municipal services?

It does seem a little absurd that a person can essentially collect jobs and get a full, separate salary (and accrue a separate pention) for each. I don't think you'd see that in the private sector.

9/01/2006 12:31:00 AM  
Anonymous Anonymous said...

Roadtripboy said...
If these public postions are all so lightweight that a person can do several, why aren't several combined into one job---at one, reasonable salary? Or does this go back to the idea of communities sharing municipal services?


I share the same thoughts. Your comments are right on the money. Next time you see one of these fat cats on the street ask them if they find there job important. If they say yes ask them why they only spend 4 hours a week at it. A typical private sector employee works 50 hours a week and makes ~50K. These guys put in a 35 hour week (thats 6 jobs combined) and make 287K. What the f*ck is going on in this state?

9/01/2006 08:02:00 AM  

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