Do-Nothing could be best option for NJ Pensions

New Jersey Governor Chris Christie spoke at a town hall meeting today complaining of a “do-nothing legislature” that has failed to act on several reform packages he’s proposed and criticizing their work habits, or lack of same, to which state Democratic Chairman John Wisniewski responded by calling Christie’s comments ironic because he is the “do-nothing executive.”

Believe it or not, by New Jersey standards, this connotes progress.

The last thing Governor Christie did with the pension was blow off a supposedly ‘required’ contribution.  The last thing the legislature did was redefine ‘required’ contribution by dividing it by seven.  Throughout this mess reforms have been limited to chipping away at benefits for the not-yet-hired while either leaving in place, or augmenting, benefits for current participants.  Most recently the threat of New Jersey politicians doing something with co-payments for pensions and health insurance premiums has caused a rash of retirements that, though helpful in a pension scenario, is not what a ponzi scheme wants to see.

The best thing that could happen to the New Jersey state pension plan, based on past experience, is if all those innumerate, clueless politicos who got us here henceforth stayed out of it, both figuratively and literally.