“The ONLY way to get less than in NJ if you are already retired is to change the State Constitution . That ain’t gonna happen .”
I understand that - however, when the state doesn’t have the money, and can’t borrow it, and can’t get it from taxpayers, then the state will give pensioners IOU’s that will be backed by the full faith and credit of the state of NJ.
“Full Faith and Credit by the State Of NJ”
That’s a good one . Remember NJ TAXES pensions as income so if they default that means even less tax income . Then if there is no pension $$ there will be enormous defaults on mortgages as well as the loss of sales and sales tax from all the people who didn’t get paid . Its a Catch 22 situationwhich will only compound the problem .