Allowing government workers to determine their own benefits — as New Jersey may soon do — seems a recipe for disaster. (Photo: Getty)
(Bloomberg) –The massive shortfalls in public pension funds are the single biggest financial challenge for American's states and cities. So allowing government workers to determine their own benefits — as New Jersey may soon do — seems a clear recipe for disaster.
The New Jersey Legislature on Monday passed a bill allowing the police and firefighters to control "how their retirement funds are invested and their levels of contributions and benefits," according to NJ.com. It passed the Senate by 34-2 and the Assembly by 67-2, giving it broad bipartisan support, and now goes to Governor Phil Murphy, a Democrat, for his signature.
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