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NJ Public Employee Pension Crisis

For too long, politicians have ignored one of the major issues facing the state — the looming public pension crisis. In doing so, they completely underestimate the public’s knowledge and furor about the issue.

The math is simple.

Pension systems work when they're funded: New Jersey's pension systems for police, firefighters, county and municipal employees are solvent because county and municipal governments have made their pension payments, and the pension systems have been earning investment income on that money.

New Jersey's pension system for teachers and state government workers has a $40 billion unfunded liability that is growing exponentially and is in danger of collapse because governors and legislatures treated the pension system like a credit card that would never come due.

See Video: NJ Spotlight: Pension Crisis

Every year that the pension system goes underfunded, the long-term cost of fixing the problem grows exponentially.

How do you fix the pension and benefit crisis in New Jersey? We must add an amendment to the New Jersey State Constitution.

What a constitutional amendment does is to guarantee that we fix the pension crisis once and for all by requiring that governors and legislatures make the needed payments to keep the pension funds from going bankrupt. No ifs, ands or buts. It won’t be easy. But every year that we put off making the required payments, the more it costs. If we want New Jersey to have a future, we have no other choice.

I promise, I will work towards a constitutional amendment to fix this pension problem. I will not waiver, give up, or make back-door deals to protect my interest. I will fight for the New Jersey worker.

On June 6th, Vote G3 Christopher Munoz for real progress, real solutions, and real leadership.

Committee to Elect Christopher Munoz for Assembly
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