Older New Jersey voters support massive annual annuity payments

Earlier this year, New Jersey did something that hadn’t been done in more than two decades: the state actually made a full payment to its public employee pension fund of nearly $ 7 billion.

Governor Phil Murphy hired an additional $ 505 million on top of a $ 6.4 billion payment. But in the years to come, pension contributions are set to rise as the Garden State’s long-term pension obligation is a staggering $ 90 billion.

Many current and former politicians have argued that the state can never fully fund the state pension system because the issue has been pushed aside for so long. But Dan Cassino, the executive director of Fairleigh Dickinson University’s poll, said a new poll conducted in partnership with AARP found that “73% of voters in New Jersey are over 50 years old, that the state continues to do should make full pension payments, no matter how much “money it actually costs.”

He said whether people support Phil Murphy or Jack Ciattarelli there is a majority in favor of full payments: “82% of people who are 50 years old and support Murphy in the gubernatorial elections say they should make full payments, but 63% the Ciattarelli supporters say we should do it too. “

Cassino said Ciattarelli had been going back and forth on the issue, first stating that the plan should be changed to a 401k plan for new workers, but then he tweeted that he would make sure he was protecting police and fire department pensions before deleting this tweet.

Cassino said the survey also asked respondents about the state’s new retirement savings program, New Jersey Secure Choice. He said the program, which has not received much attention, allows workers in companies that don’t have 401,000 plans to take a wage deduction that goes into retirement plans.

Of voters over 50, 82% support this plan. Of those who are in favor of it, 90% say it should be introduced quickly.

Cassino said the high level of support for government programs that help secure retirement is not surprising, with only a third of those still working New Jersey 50 and older say they are very confident they will be given Time to have enough money for retirement.

The survey found that 38% of respondents are very confident that they have enough savings and income to get a comfortable retirement.

The survey also found that most Garden State voters 50 and older report low or moderate levels of stress, while 25% fall in the high-end category.

You can contact reporter David Matthau at [email protected]

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