State and local government employees collect taxpayer-guaranteed pension benefits that are far more generous than those available to most private-sector workers. The cost of traditional defined-benefit public pensions is unsustainable and has severe financial consequences that will affect generations of Americans. Use the calculator below, on the left-hand side of the page, to estimate the pension that you would collect after a career as a general government employee and to see how much money you would need to save on your own (your total annuity cost) to replicate that guaranteed income stream in the private sector.
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New Jersey's unfunded liability costs will burden generations of future taxpayers. Government estimates of pension and benefit costs exceed $110 billion, but using private sector accounting standards would put the cost in excess of $170 billion in pension costs alone – that is more than 40% of New Jersey's entire economy.
For more information:
- Visit www.NJOpenGov.org to research the pension records of nearly 250,000 retirees in New Jersey.
- Sign up for the Common Sense Institute of New Jersey’s e-mail list at www.CSINJ.org.
- See CSI-NJ’s Policy Brief on what recently-enacted pension and benefit reforms will mean for New Jersey.
- Read the Mercatus Center study on why government reporting standards of liability reporting are insufficient.