2015 Governor's State of the State speeches: on Social Security

Tom Wolf: Stop paying Wall Street millions to manage PA pension fund

So, here's what we are going to do: We are going to stop excessive fees to Wall Street managers. We're going to improve retirement security for state workers. With these and other improvements, we are going to save taxpayers nearly 1.3 billion dollars over the next five years while creating savings of 10 billion dollars in the unfunded liability.

Individually, these reforms aim to increase efficiency and eliminate wasteful spending. But taken together, they make big strides toward a larger goal: a government that works.

Martin O`Malley: Repeal income tax on retired veterans; & later all retirees

Eventually, once we solve our current budget crisis, and turn our economy around, I want to reach the point where we are able to do away with income taxes on all retirement income, just as many other states have done. This week, we will start heading toward that goal by submitting legislation that repeals income taxes on pensions for retired military, police, fire, and first responders. These brave men and women have put their lives on the line for us--they deserve it--and they have earned these tax breaks.

Chris Christie: State pensions cut by $120B; but $90B still to go

But the pension fund's problem is a long-term one. Right now the $90 billion unfunded liability for pensions and health benefits is three times the size of the annual state budget. Think of this way--in order to close the current shortfall in just the pension system alone every family in New Jersey would have to write a check for $12,000.

That is the nature of long-term entitlements which grow faster than the economy, and in that regard our problem here in New Jersey is not that different from Washington's entitlement problem. Last summer I appointed a pension and health benefits task force--to think outside the box, and they are hard at work.