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The New Jersey Public Employees Retirement System (P.E.R.S.) is already underfunded by $27 Billion
because the Legislature failed to repay the money Governor Whitman stole out of it over a dozen years ago. Now, the
amount of money needed as the state's share is $1.2 Billion. He placed $1 Billion into it last year, and will put in
65% of just the ANNUAL amount of the State's share this year (as per the negotiated agreement). Just that shortage alone
will cause the loss of $2 of dividends and interest for every $1 that is not put into the fund. This means that between
last year and this year, a little more than $500 Million will be kept out, causing us to lose $1.5 Billion. Add
to that an early retirement package (designed to save $150 - $200 Million) which would cost the Pension Fund $500 Million
each year and that $27 Billion hole very quickly grows to over $30 Billion over night. And factor in that there
will be fewer state workers contributing to the P.E.R.S. (both their regular 5% share AND the .5% extra our Union negotiated
in order to pay down on the $27 Billion stolen by Governor Whitman and Legislators from BOTH sides of the aisle over the past
11 years).
We don't need to include the excluded "institutional workers," because to do so will only worsen an already
bleak picture by adding another $150 - $200 Million in expenditures from the P.E.R.S. fund.
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