NJSBA believes that the Teachers’ Pension and Annuity Fund and any new retirement program for certificated school district staff must be funded and administered by the state government. Transferring payment of the employer’s contributions to the teacher retirement plan from the state to local school districts will have a detrimental impact on educational programming.This transfer of payments is one of the six recommendations from the Study Commission's "Roadmap to Resolution," which represents a last-gasp attempt to rescue New Jersey's foundering pension system, currently $83 billion in the hole and in worse shape than any other state's pension system except Illinois. (See my commentary here.)
Labels: Christie, NJSBA, pensions, school funding