“Teachers’ pension fund loses billions in stocks”

By Mark Williams, Chair NPCCR

The above headline was taken from a July 16th Star Ledger article written by Dunstan McNichol. The article reports how during the past year the fund that underwrites the pensions of 700,000 New Jersey teachers and government workers has lost $5 billion on Wall Street.

According to the article, this leaves New Jersey taxpayers with the very real possibility of having to make higher contributions. Remember, this will be on top of the increases in contributions as a result of years of state pension underfunding.

In an article dated February 28th, 2008, the writer reported that Gov. Jon Corzine was proposing a budget that would continue the pattern of pension underfunding that has existed for the past 3 years.

All of this serves to increase the financial obligation of municipalities (=taxpayers) and significantly impacts the ever shrinking middle class.

So, why am I telling you this?

Because salaries affect pension benefits. With the contracts of Schools Superintendent Marilyn Birnbaum, Assistant Superintendent Robert Rich and Business Administrator Donald Sternberg currently in negotiation, it behooves us all to attend the next School Board meeting on July 23rd, 7:30 p.m. at 33 Mountain Ave.

It would be nice to know that our children are getting our money’s worth.