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56 Matching News Items

1.  In Memoriam: John Mark Vine
NJ.com Link to more items from this source
Dec. 30, 2021
"John Mark Vine of Washington, DC, passed away on Wednesday, December 1, 2021.... He came to Washington to clerk for Judge Arnold Raum on the U.S. Tax Court and spent the remainder of his legal career at Covington & Burling, where he was instrumental in shaping important aspects of [ERISA] following its passage in 1974.... In addition to his groundbreaking work in the areas of employee benefits and executive compensation, John was a model and teacher for generations of younger lawyers."
2.  Does It Make Sense to Max Out Your 401(k) Plan Early in the Year?
NJ.com Link to more items from this source
Jan. 27, 2019
"When contributions are front-loaded so that they occur early in the year, less 401(k) match may be received.... 401(k) participants that utilize lump sum contributions or front-load contributions early in the year can also expose themselves to higher levels of volatility."
3.  In Absence of Help from Archdiocese, New Jersey Hospital Pensioners Put Faith in U.S. Supreme Court
NJ.com Link to more items from this source
Apr. 3, 2017
"While adversaries argued in front of the U.S. Supreme Court last week, 79 people who once worked at St. James Hospital in Newark watched the clock.... Their pension fund would go belly up in less than a month.... They would lose retirement income that was promised for a lifetime. And no one is taking responsibility. But the case being decided by the highest court in the land could give new hope to the pensioners[.]"
4.  New Jersey Chamber of Commerce President: Pension Proposal Is 'Economic Armageddon'
NJ.com Link to more items from this source
June 20, 2016
"If the Democratic amendment is approved by voters, the state will be constitutionally required to begin making contributions into the pension fund in the fiscal year that begins July 1. The payments will increase annually until reaching the full pension contribution recommended by actuaries in 2021, which is more than $5 billion.... Two of the largest pension funds are in danger of running out of money in 2024 and 2027."
5.  Pension Commission Calls for New Jersey Public Worker Health Care Cuts
NJ.com Link to more items from this source
Feb. 11, 2016
"The proposal calls for freezing the pension system and moving active public employees onto a cash balance retirement plan, but it hinges largely on reducing health care costs to free up cash.... The commission argues pension and health benefits need to be rethought to prevent them from swallowing 27 percent of the state's annual budget by 2022.... This year, it's 14.3 percent."
6.  New Jersey Governor Signs Law Creating Small Biz Retirement Marketplace
NJ.com Link to more items from this source
Jan. 20, 2016
"The new portal, modeled off of Washington state's marketplace, will be open to businesses with 100 employees or fewer. The state treasurer will vet and approve private retirement vehicles, including at a minimum Individual Retirement Accounts with and without employer contributions. It will also include the U.S. Department of Treasury-administered 'myRA' Roth IRA."
7.  New Jersey Assembly Agrees to Gov. Christie's Changes on State-Run Private-Sector Retirement Plan
NJ.com Link to more items from this source
Jan. 12, 2016
"The state Assembly voted after 1 a.m. Tuesday to cooperate with Gov. Chris Christie's veto of a bill creating a state-run retirement plan for private-sector workers, 12 hours after the governor handed down his executive veto. Christie gutted the plan, sponsored by the Democratic leaders in both houses, offering instead to create a small business retirement marketplace to close the gap in private-sector retirement savings."
8.  New Jersey Business Owners Would Back State Law Creating Retirement Savings Plans
NJ.com Link to more items from this source
Jan. 5, 2016
"Just 27 percent of those polled said they offered some form of retirement plan. Those that didn't said they couldn't afford it (38 percent), their company was too small or new (20 percent), or relied on seasonal workers (20 percent). But nearly two-thirds of business owners who don't offer retirement plans said they would participate in a state-run program[.]"
9.  New Jersey Senate Budget Panel Approves Mandatory Participation by Private Employers in Proposed State-Run Retirement Plan
NJ.com Link to more items from this source
Dec. 23, 2015
"The bill (S2831) would require companies with at least 25 employees that don't already offer retirement accounts to offer the 'Secure Choice' retirement plan. Smaller companies with fewer than 25 employees can opt in.... The legislation has already passed the state Assembly."
10.  New Jersey Lawmakers Tackle Those Surprise 'Out of Network' Medical Bills
NJ.com Link to more items from this source
Nov. 18, 2015
"Doctors and hospitals would be required to disclose whether their services are not covered by a person's insurance network before treatment occurs under the latest version of a proposed bill aimed at curbing 'surprise' bills.... Hospital officials and physician office administrators would be legally obligated to explain up front who is covered and not covered, and how much more would a person pay for an out-of-network provider, according to the legislation."
11.  New Jersey Pension Fund Seeks Billions in Damages from State
NJ.com Link to more items from this source
July 27, 2015
"In the latest salvo in the battle between New Jersey and its public workers, the heads of the state's largest pension funds are accusing the state of breaching its contract by underfunding government workers' pensions. The pension heads are seeking billions of dollars in damages.... [The complaint] argues that the [New Jersey] Supreme Court declared only the promise to make the appropriations unenforceable. The new argument hinges on a separate promise found elsewhere in the law."
12.  New Jersey Dems Push Measure to Pay Pension Contribution Early and Bank Investment Earnings
NJ.com Link to more items from this source
June 29, 2015
"Under the Democrats' plan, the state would make its annual payment in July, borrowing the money on the state's line of credit until tax revenue starts filling state coffers. That borrowing -- from a short-term note -- would cost the state less than $7 million in interest but generate an extra $87 million in investment income, Democrats said. The state invests its $80 billion in pension funds in traditional and alternative investments, assuming a 7.9 percent rate of return. Both houses passed the measure Monday, shortly after it was introduced."
13.  New Jersey Governor Appeals Pension Payment Ruling, Requests State Supreme Court Review
NJ.com Link to more items from this source
Apr. 1, 2015
"Gov. Chris Christie's administration filed an appeal Tuesday over a state Superior Court ruling that it must pay another $1.6 billion in New Jersey's public worker pension fund.... At the same time, Christie's lawyers filed a motion asking the state Supreme Court to take up the case, which would trump the appellate court proceedings.... Attorneys for Christie have argued that contract was invalid from the start and the governor can't be forced to restore the payment. The appeal revives that argument, saying the trial court 'fabricated a constitutional right to pension funding' that crimps powers belonging to the Legislature, governor and residents."
14.  How Did New Jersey Get Into This Pension Mess?
NJ.com Link to more items from this source
Jan. 19, 2015
"After skipping a $3.1 billion payment in fiscal year 2011, [Governor Chris Christie] contributed $484 million in 2012, $1 billion in 2013 and $696 million in 2014 -- more than any of his five predecessors. He's expected to make a $681 million payment this year.... But Christie's payments are still a fraction of what is needed to keep the pension system from piling up even more debt."
15.  New Jersey Governor Asks Judge to Dismiss Case on Pension Funding Cuts
NJ.com Link to more items from this source
Sept. 3, 2014
"Gov. Chris Christie is asking a state judge to dismiss a flurry of lawsuits challenging a budget veto that reduced funding for public worker pensions from a once-promised $2.25 billion to $681 million.... In an ironic twist, the Christie administration's 77-page legal brief repeatedly disavows a pension overhaul the governor helped design and signed into law during his first term -- what Christie once hailed as the cornerstone of his plan to repair New Jersey's crumbling pension system."
16.  New Jersey Bill Would Harm Smaller Employers' Health Care Plans
NJ.com Link to more items from this source
Aug. 14, 2014
"If the [New Jersey] Legislature is serious about preserving employer-sponsored health care for workers and their families, it should amend the state's 10-year old MEWA law and permit employers to choose the plans that best meet their needs and bear the risk that they can afford.... [A] bill improvidently passed by the Assembly and now in the Senate would require MEWAs to be regulated as insurance companies. This is a mistake, considering that MEWAs already provide coverage for most state-mandated benefits, including hearing aids, mental health services and autism benefits."
17.  New Jersey's Largest Pension Fund Votes to Sue Gov. Christie Over Budget Plan
NJ.com Link to more items from this source
June 18, 2014
"The Public Employees' Retirement System voted 6-0 to hire private attorneys and 'take all necessary and appropriate action to compel the governor' to make $3.8 billion in payments to the strained pension system over two years, instead of the $1.38 billion Christie is proposing amid a budget crisis. With 280,000 active employees and 139,000 retirees as of 2013, PERS is by far the largest pension fund in New Jersey."
18.  New Jersey Employers Lead Nation in Hiking Employees' Share of Healthcare Costs
The Star-Ledger via NJ.com Link to more items from this source
July 7, 2013
"Large companies across the country have been scaling back on what they contribute to their workers' health care plans, and the sharpest decline has been in New Jersey ... As a result, workers [in New Jersey] are having to pay bigger chunks of their health insurance costs than rate increases alone would suggest. It's not likely to be welcome news in the Garden State, which has some of the steepest health insurance costs in the country."
19.  Merrill Lynch to Pay N.J. $45 Million Over Pension Fund Losses
Associated Press via NJ.com Link to more items from this source
Apr. 21, 2013
"In 2009, then-Attorney General Anne Milgram sued Merrill on the grounds that it misled New Jersey's Division of Investment Management when it sold the state $300 million of its own preferred stock in January 2008. According to the state's initial complaint, Merrill gave the state inaccurate financial reports and understated its risks at the time of the sale.... Merrill Lynch settled without admitting or denying liability."
20.  Affordable Care Act Comes with Side Effects
NJ.com Link to more items from this source
Aug. 10, 2012
"One of the most maddening aspects of the health care debate in 2009 and 2010 was that the focus was entirely on the demand side -- the millions of uninsured who, according to the narrative at the time, would now have access to "quality, affordable health care." Few people, certainly those in favor of the law, ever mentioned the supply side: the doctors, nurses, hospitals and diagnostic equipment that would be necessary to meet the new demand. Rather than being treated as a limited resource, health care was implicitly lumped in the same category as sunshine or fresh air -- a commodity that could be dispensed in equal measure to anyone who wanted it, whenever they needed it, without any impact on quality."
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