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Few Retirees in '$100K' Club in Lacey

Number of six-figure retirees up 75 percent in last three years, according to new report

Richard Starodub (Patch File Photo)
Richard Starodub (Patch File Photo)
Only two retired employees of the Lacey school district and municipal government, the former schools superintendent and former police chief, made the list of the state's '$100K Club' for retirees, according to a report out this week from NJ Watchdog, a taxpayer advocacy group.

But Lacey's results are not typical of statewide trends. New Jersey’s so-called '$100K Club' of retired public officials has ballooned by 75 percent in the last three years, the group said this week following its conducting of an analysis of state treasury data.

The report comes as state pension funds face a $47 billion shortfall, according to the treasury’s estimate. Gov. Chris Christie is expected to address pension issues in his budget address today.

"We need to have the conversation now about further changes to our pension system and to adding further to the state’s debt load,” said Christie in his State of the State address last month. “If we do not choose to reduce our soaring pension and debt service costs, we will miss the opportunity to improve the lives of every New Jersey citizen, not just a select few."

In Lacey, former schools superintendent Richard Starodub receives $122,254 per year, or $10,188 per month, in pension benefits. Former police Chief William A. Nally receives $108,257 per year, or $9,021 per month.
K February 25, 2014 at 05:51 AM
Only politicians would make this out to be the fault of the retirees rather than the irresponsible actions of the local township committees who negotiated their contracts and then failed to budget for the required pension payments.
Hannibal King February 25, 2014 at 07:15 AM
Good point these were contracts negotiated by our local town council and our local school boards . Contracts that have been in place for years .

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