Marlboro Mayor Jonathan Hornik today noted that the State of New Jersey historically shirks its obligations to the “chronically underfunded” pension system while local governments have been meeting their obligations. Hornik’s comment came in a press release touting S&P Global Ratings reaffirming his township’s AAA bond rating.
Art Gallagher | Filed under: Declan O'Scanlon, Jon Hornik, Marlboro, Monmouth County News, Monmouth County Politics, New Jersey, New Jersey State Budget, Pensions, Phil Murphy | Tags: Declan O'Scanlon, Marlboro, Monmouth County News, New Jersey, NJ Budget, NJ Pension Crisis, S&P Global, Senator Declan O'Scanlon, Standard and Poors | No Comments »
S&P noted that while the Township continues to make its annually required pension contribution to the State of New Jersey, the State pension system is chronically underfunded. “Local government continues to pay its share, and historically the State has shirked its obligation,” stated the Mayor. “In the context of our review, S&P reiterated its concern regarding the long term health of the State system. I am hopeful that with a new Administration in Trenton, the State will take a more responsible approach to its stewardship of the pension system.”