How a pension plan is being paid off for $2.2M with a $2 million loan
New Jersey’s pension fund has spent more than $2,000 on a plan to pay off a $200,000 loan for a nurse who was diagnosed with lung cancer.
According to the state’s Pension Benefits Office, the $2 billion fund was initially approved by the New Jersey Board of Retirement in July of 2017.
After the approval, the fund was paid off in December.
The fund’s board approved a loan of $1.9 million on Jan. 6, 2018, and the plan was paid on March 20.
“The nurse is now receiving medical care and has not been in any harm’s way,” said David A. McBride, a spokesman for the state pension board.
“The nurse was paid a lump sum in a lump-sum payment plan as required by law, and there is no indication that the funds management or administration is in violation of the law.”
The plan is called the New York State Nurses Retirement System (NYSERS).
The fund has the ability to pay its employees as well as retirees.
McBrides said the plan is a “recovery program” for the nursing home and nursing home workers, but it is not intended to replace retirement income.
The plan is for life.
The New Jersey Department of Retirement Services, which manages the pension fund, told NJ.com the nursing facility was the first in the state to request the loan and the nurse has not had a physical ailment since she was diagnosed.
The nursing home, which is in Bergen County, is in a nursing home in the city of Bergen, New Jersey.
The nurse is not being paid, the nursing agency said in a statement to NJ.org.
The facility is one of four nursing homes in New Jersey that receive state aid to pay for their nursing home’s costs.
The other nursing home is in Gloucester County.
The state also pays for the costs of caring for the workers in other facilities.NJ.com reached out to the nursing homes that have received the loan, but none of them responded.
The nurse had been caring for a client in her home, but she was taken off life support on Jan 6, after her condition worsened.
After that, she was placed in a facility in the Bergen area.
The NYSERS board approved the loan with a vote of 6-1, according to the NYSER website.
The state agency will pay back the loan after the nursing center is fully operational.
A total of $200 million in loans were approved by New Jersey in 2017, including the New Brunswick Retirement Plan, the State of New Jersey Retirement Fund, the New Castle Retirement Fund and the NJERS State Retirement Fund.