The Port Authority Police is semi private. They have their own pension system and they have a non contributory pension meaning they don’t pay into it. When they retire it’s a complete gift, they are not the same as local municipal police. Local police pay for medical and pension every check. Also they pay for medical after retirement as well. Cost of living increases have been removed for pensions as well. Again I am not saying a conversation regarding benefits should not be had I think I have made that clear. If left alone the police pension system would be completely solvent but issues arose only after Governor Whitman decided the state could borrow money from the pension system that was never repaid. So basically they raided the retirement funds and Why? Because politicians cannot stand to see a pool of money with out getting their hands on it. Same thing happened with social security at the federal level.
And as far as a place where police get fat pensions look at California where every year worked gets you 3% of your salary for retirement, so 30 years in and you retire with 90% pension. That’s extreme and new jersey is nowhere near that.
Well Florio was the first one to truly mess with the pension system. By stating it was overfunded and stopped contributing. But here is the problem, the NJ pension system can never be fully funded, the benefits are defined, which makes it a Ponzi scam in some sense. So as long as more people contribute, IE larger government, the ability for it to pay out is there. As long as new “suckers” are added to the system, it can pay out. Kinda like a Ponzi scam. Once government downsizes it can never pay out these pensions. They are all going to get cut down to reasonable levels, eventually. Your union trusted the democrats to deliver nice lofty pensions in exchange for votes, but those democrats pumped that same money they promises you guys into the rat hole cities so they can get kick backs on projects that they don’t need. The money is gone, they spent it, they stole your pensions and they come back and blame the fat man for it. Stop falling for their scheme.