Which pensions are safe for the future?
The New York Post Office Pension Fund and the New Jersey Pension Fund, both pension funds for New Jersey residents, are under threat from a proposed $2.6 billion fund cut.
According to the Wall Street Journal, the New York and New Jersey pension funds are “both on track for a $3.2 billion shortfall by 2021.
That leaves just $1.5 billion for the Post Office Retirement Fund and $1 billion for New York’s pension system.
The other $1 trillion is for the other pension funds of the other states.”
The Post Office and New York pension funds have been under enormous pressure since the pension cuts were announced.
Last month, the Post office pension fund reported a $2 billion loss for the current fiscal year.
The NY pension fund also had to slash its $8.5 million pension plan for the next fiscal year, which it said it will do in June.
“The Post office is expected to report a loss of $3 billion for 2021, while the NJ pension fund will report a $4 billion loss.
The NY pension is facing another $2 million in pension costs because of the pension plan cut.
The NJ pension is also facing a $1 million pension cost because of its planned $8 billion pension plan cuts.
However, the NY pension can rest easy knowing that it can still tap the savings of its retirement funds.
According to a study released last month by the National Association of State Retirement Administrators, the average pension in New Jersey was $52,000 in 2021.
of State Administrators estimated that the NY State Pension Fund will lose $1,400 billion in assets and the NJ State Pension is projected to lose $2,400 million,” the WSJV noted. “
In 2021, the National Assn.
of State Administrators estimated that the NY State Pension Fund will lose $1,400 billion in assets and the NJ State Pension is projected to lose $2,400 million,” the WSJV noted.
“That’s roughly $8,000 a person per person.
If the NJ and NY pension funds do not meet their pension obligations, the state’s state pension program is expected in jeopardy, according to a January report from the American Association of Retired Persons.” “
The NJ fund’s shortfall was estimated at $1 percent of gross state product in 2021, compared with $0.6 percent in 2020.”
If the NJ and NY pension funds do not meet their pension obligations, the state’s state pension program is expected in jeopardy, according to a January report from the American Association of Retired Persons.
“However it seems that the NJ retirement fund is the most vulnerable in the state.
According the New Brunswick Observer, “The NJ and New Hampshire pension systems have not yet posted their first-quarter and second-quarter results.
The state’s two largest pension systems are under the most pressure.
Both have faced significant budget cuts.
The New Jersey and New England pension systems were among the state governments hardest hit during the recession.
They also are expected to continue to lose money this year.
“The NJ retirement is facing a budget shortfall of $1 for every $1 in assets in 2021 and $0 for every dollar in assets, the Observer reported.
In New Jersey, the pension is expected at the end of 2021 to be $2 trillion in the red, according the Observer.