Posts Tagged ‘jersey’

Pension Study Commission Members Announced

I predicted they would be a combination of five patsies and quislings but apparently Governor Christie could not fill out that roster so he settled on some professional people but raised the number to nine so as to assure that his original intention (having this commission rubber-stamp whatever study the Divisions of Pensions is almost done with) will play out though not through blind obeisance as originally intended but through internal bickering which this commission is certain to have plenty of.  The members, per the press release:

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D-Days for New Jersey Pensions

As in Decision Days.

Today a judge will hear arguments on whether the State can skip pension payments (it can for this year anyway) and tomorrow:

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Who Said We Fixed the New Jersey Pension System in 2011?

Today: “no one in their right mind would say that what we did in ’11 totally fixed a problem that is in the 30-40 billion dollar range”

but they did:



If Christie reeks then how much must New Jersey smell not to have noticed earlier?

Yet another hit piece on New Jersey governor-for-the-moment Chris Christie appears in the latest issue of the New Republic (Chris Christie’s entire career reeks.  It’s not just the bridge) but this one is a little different in that it puts Christie’s actions in context (i.e. in New Jersey).  Among the more telling excerpts from the article:

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Rating New Jersey

And today, the state of the state is good, and getting better.

We improved our business climate, and today, by every measure, business confidence in New Jersey is up. In fact, one national magazine ranked New Jersey among the top 5 states with the most improved business climates in America.

New Jersey Governor Chris Christie state-of-the-state address 1/14/14


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Pension Aspect of Bridgegate Scandal

The Christie Bridgegate scandal is fascinating for not only revealing the indifference the political class really has for the general public but, in this case, how certain operatives would actively work to damage a segment of that public to whatever degree as long as some level of political gain could be expected.

Obamacare was not intended to be a fiasco.  It was intended to enrich insurance and pharmaceutical companies who would kick back campaign contributions with their excess profits.  The Obama administration did not set out to inconvenience/oppress the public however inevitable that outcome would be considering the level of ignorance/bias the drafters possessed.  The reprisals against the other Hudson County mayor on the Christie enemies list are more in keeping with this nature of governmental dysfunction and they involve pensions.

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Tradition of New Jersey governors padding their own pensions

Pity the actuary who has to value the true cost of New Jersey’s defined benefit pension promises when these three spiking games are considered:

Here is the back-story on the first example presented in the video:

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NJTA Meeting This Thursday – Pension Reform in New Jersey

The New Jersey Taxpayers Association (NJTA) Board of Trustees proudly presents Pension
Actuary and NJTA board member John Bury to discuss Pension Reform in New Jersey,
followed by Q&A.  Bring your questions.


Where: Morris County Public Library, 30 East Hanover Road, Whippany, NJ

When: Thursday, December 6th, 2012, 7pm to 8:30pm

Note – The NJTA board of trustees will meet for a board meeting from 7pm to 7:30pm.
All members of the NJTA are invited to attend.

Free Admission: There is no fee for this event; however seating is limited to the
first 80 participants.

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Judges paying for their pensions: a question for interpretation

I will be voting on November 6 but not for any person since the electoral process for individuals has devolved into a quagmire of obfuscation that allows for no reasoned discourse.  However in New Jersey there are two ballot questions (laid out here in English, Spanish, and conveniently Chinese – I think).

Number 1 is straight-forward.  Politicians want to build more school buildings to repay all those lawyers and contractors who fund their campaigns.  No conflict for me here.

Number 2 is about judges in New Jersey being forced to pay more for their health and pension benefits which is supposed to win easy approval but I’m not so sure it should. Continue reading

GASB Vote Today – What it means for tomorrow

This afternoon we will get new reporting standards for public pension plans as the Government Accounting Standards Board (GASB) votes on rules that would be effective in 2015.  From the summaries of the proposed changes that I’ve read here are two reasons why nothing will change much and one reason why the situation may get far worse.

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