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Payday and State Pension

May 15th, 2015 at 10:21 am

Today is payday and I managed to make the biweekly contribution to the emergency fund as well as the retirement home fund. I also paid a big chunk of the credit card bill and I will pay the remainder before is due in June.

Now for a little bit of a rant. The governor of New Jersey has failed to fund public employees state pensions for the second month this year. If he is successful, pension money will run out in 12 years. I will be vested in the PERS next year (10 years). Public employees are automatically enrolled in the pension system, no chance to turn it down. I'd say let me keep the money I contribute every month and I will forgo the pension. I'm sure that I can do a much better job at investing my money and make my retirement money work for me!

6 Responses to “Payday and State Pension”

  1. creditcardfree Says:

    I agree if they can't fund it they shouldn't make you participate!

  2. VS_ozgirl Says:

    That's so depressing! Here in Australia employers are required to pay 9.5% of gross earnings into the employees retirement fund. It's so much better to have control of your own funds.

  3. snafu Says:

    That's disgusting! Does that mean the state is not living up to it's contract with it's employees? What is your Union doing to fix public attention to state administration's inability to operate within the constraints of budget and contracts? Who can trust those elected representative to carry out their responsibilities? I'd expect them, their appointees, and top levels of the executive suites to voluntarily forfeit their pensions instead of punishing their staff. Wouldn't it be an amazing role reversal to stop paying pension to all previous elected state officials, their appointees and top echelon executives who no longer serve.

  4. LivingAlmostLarge Says:

    I doubt they'll take away the pensions then the politicians would have to live without their cushy pensions. They get so much more it seems.

  5. My English Castle Says:

    Your governor who is running (sort of) for president? He should be ashamed.
    As should mine.

  6. frugaltexan75 Says:

    So what happens if the pension money runs out? Everyone's SOL?

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