Phil Murphy on Social Security

	Phil Murphy on Social Security

Divest NJ pension fund from private equity

Phil will put the interests of New Jersey's working and middle-class families ahead of Wall Street by:

Creating a public bank to invest in Main Street, so that NJ money is put to work for NJ, not for Wall Street;
Divesting our pension funds from hedge funds and private equity;
Establishing a state-level Consumer Financial Protection Bureau and strengthening existing regulations in light of President Trump's efforts to roll-back the federal Dodd-Frank Wall Street reform law.

Source: 2017 N.J. gubernatorial campaign website, Murphy4NJ.com , Jun 6, 2017

Evaluate state pension system for growing unfunded liability

New Jersey currently carries a $43 billion unfunded pension liability. This has been created almost entirely by the state's failure to make its annual contributions. Eleven years ago, Phil Murphy chaired the first commission to evaluate the state's pension system in light of a growing unfunded liability. One of our primary recommendations was that the state must meet its funding obligations going forward. Eleven years later, the problem has only grown worse. We must get our pension funds back on track to solvency--starting with the state living up to its commitments. As Phil said in 2005, when Governor Codey appointed him to chair an effort to address our pension problems, "a constitutional amendment guaranteeing state pension contributions should be part of the solution--but the solution must be comprehensive and ensure a reasonable payment schedule." Source: 2017 New Jersey Gubernatorial website, Murphy4NJ.com , Sep 19, 2016

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