Cratering lottery revenue is bad luck for NJ state worker pensions

Comment #9

Philo Farsnwort — Sat, 02 May 2020 05:02:04 GMT

When power play was created it helped states recoup income from the games Texas got a dollar for each game with a power play maybe this governor could insist on extra piece of the pie a -corona virus tax for pension - unles the contract does not allow but this emergency should void all contracts I think

Comment #8

Coin Toss — Wed, 29 Apr 2020 19:00:34 GMT

It may be a small state but it's the most densely populated.

Comment #7

Stat$talker — Tue, 28 Apr 2020 19:10:29 GMT

Fmr Gov. Christie tied up Bridge traffic during rush hr to punish voters than didn't support his election...

The current Gov may hold the Jackpots hostage til they get enough revenue..!

NJ is a small State,.. so they have to come up with BIG ideas...!!, or should I say deeper ideas!,.. as in deeeep into player's pockets..

Comment #6

jplayer33 — Tue, 28 Apr 2020 17:40:08 GMT

Yes, lottery funds in New Jersey help the pension fund and also pay for the private company that has been running the lottery for the last few years, both enacted by former Gov. Christie. The private company's mandate was to increase lottery funding through new games, etc., but of course that mean creating new ways that players can lose more money. One thing that didn't workout is the Five Card Cash game, a poker draw game, which the Lottery Commission voted to suspend at its recent April meetin... [ More ]

Comment #5

PHIL85 — Mon, 27 Apr 2020 20:36:44 GMT

New Jersey lottery proceeds go to a pension fund? In Michigan lottery money goes to the schools.

Comment #4

Coin Toss — Mon, 27 Apr 2020 18:19:42 GMT

Makes one wonder how they funded it before the lottery was approved.

Just a thought.

Of course no one could see this coming (?? well...) but still governments shouldn't let themselves rely on something that can be clobbered like this.

Comment #3

dpoly1 — Mon, 27 Apr 2020 17:07:45 GMT

Defined pensions are totally unsustainable

Comment #2

noise-gate — Mon, 27 Apr 2020 16:01:48 GMT

At least NJ is getting the message out there. Help is needed all round.

Comment #1

Raven62 — Mon, 27 Apr 2020 14:58:44 GMT

Oh what a tangled web we weave, When first we practice to deceive !

A quotation by Sir Walter Scott

Cratering lottery revenue is bad luck for NJ state worker pensions

Lottery Post — Mon, 27 Apr 2020 14:39:11 GMT

There's a new cause for concern about New Jersey's chronically underfunded public-worker pension funds sagging state Lottery revenues.

That's something of a double whammy for one of the nation's worst-funded state retirement systems, which has seen investment returns plummet precipitously during the coronavirus pandemic.

So far this fiscal year, Lottery revenues, which serve as a dedicated source of funding for the pension system, are down more than 12% compared with the same period last y... [ More ]