Archive for the ‘New Jersesy Pension’ Category

Ebola Lesson for Pension Actuaries

Politicians do some stupid things since their expertise is generally in propaganda and not in areas like public health or public pensions and their everyman ignorance can have disastrous consequences unless real experts assert themselves.

This week we saw New Jersey Governor Chris Christie embarrassing himself on the Ebola quarantine and being criticized by:

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Moving the Goalpost on New Jersey Pensions

When politicians get in a room with only their immediate enablers to bang out solutions to real problems without consulting any real experts they often come up with moronic ideas, designed to solve  through deception,  but this one by the New Jersey “Legislature’s leading expert on pension issues” might be the dumbest one ever.

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Too Late For the Truth

Patrick Colligan, president of the New Jersey State Policemen’s Benevolent Association, argues in an opinion-piece today:

It was disappointing to see that the Governor’s Pension and Health Benefit Study Commission initial report doesn’t provide any true detail as to how well funded parts of the pension system are………The truth is the New Jersey pension system is not one monolithic fund that is hemorrhaging cash daily. In fact, the state manages five pension plans for State and local employees. Of those five, the Police and Firemen’s Retirement System (PFRS) is financed mainly by local governments who, unlike the state, have been making their required pension payments……….If this Commission is truly focused on the health of the pension system they would spell out the differences in the system and focus on the funding ratios, level of benefits and employee/employer contributions of each plan. If they were to offer the public those facts, it would undermine their proposal that benefits must again be rolled back or employees must face the elimination of their pension plans.

If you really want the truth…..

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Post-Defining Fair Share

Governor Christie was on his monthly radio program last night when he got a call from Bob questioning why the son of the Essex County Executive (and Chrisite political backer) Thomas DiVencenzo got a $92,000 per year NJ state job.  Christie never answered the question (though he claimed he did to justify his diversionary tirade) but seeing from the screen that Bob was a retired public employee he had the opening he needed to advance his benefit cut talking points:


Bob was barely able to defend himself on a topic he did not expect (or else he might have mentioned that Chrisite has also shorted the pension system by more money – $14.8 billion – than any other governor in history and that current NJ taxpayers would not have to be paying for current retiree benefits if these plans had been funded with any sense of responsibility) but what he elicited could have clued us in to what Christie’s grand plan for public benefits reform will look like.

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Bashing New Jersey Public Employees

In a youtube clip that got a lot of views since it was included in an story Governor Christie almost broke down when explaining how the NJEA publicized that he hates his children:

If you want hatred see what Christie, through his Attorney General’s office, said about public employees (retirees especially) in the State’s Reply Brief in Support of the Cross Petition for Certification filed today in the Berg / NJEA consolidated cases.  Among the vitriol spilled:

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Call the Propagandists’ Bluff

If Governor Christie really intended to replace the defined benefit system in New Jersey with 401(k)s for public employees then a report slapped together by a couple of liberal think tanks might have done him a big favor.  Think about it. The scare headline these union-backed toadies want to get out there is:

Ending pensions could cost NJ taxpayers $42 billion

Of course that’s a bogus number taken from some study on the Pennsylvania plan and based on sheer conjecture.  But, if it were true…….

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The Flaw in New Jersey’s Public Pension System

In response to what is likely to be a recommendation by the commission studying New Jersey’s public pension system to abandon defined benefit plans for public employees a couple of union-backed think tanks released a report today warning against such a move on the argument that:

There is no flaw in the basic design of New Jersey’s defined benefit pension plans, as long as these are managed well.

They are dangerously mistaken.  There is a fatal flaw.

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