That is the conclusion of a new report from the Urban Institute,
which examined not one, not two, but five rounds of cuts New Jersey made
to its public employee pension system since 2007. A 25 year-old who
becomes a New Jersey public employee tomorrow would actually lose
retirement money under the latest pension plan if they quit their job
before turning 50.
The study generally applies to Illinois as well. The
state instituted sweeping changes in its pension program two years ago
for incoming employees and is, of course, exploring further reductions for current and retired public workers. Read more »
