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 Toms River, Cranston collects $120,483 per year, or $10,040 per month, in pension payouts, according to the report. That is just slightly more than the second-most paid retiree, former Superintendent Frank Roselli, who makes $114,210 per year, or $9,518 per month.
The other individuals on the list are:
- Vincent Pedalino, municipal, $107,419/year; $8,952/mo.
- Michael T. Dorick, municipal, $106,440/year; $8,870/mo.
- William Cardone, school district, $103,256/year; $8,605/mo.
- Jeffrey Kettig, municipal, $101,952/year; $8,496/mo.
- Steven Gerding, municipal, $101,426/year; $8,452/mo.
- Loring Dunton, municipal, $100,018/year; $8,335/mo.