While a reasoned report put forth by pension experts fades away and politicians fiddle with otiose gimmicks in an election year in New Jersey we have former governors recognizing the crisis:
and a prospective governor stepping up:
Health benefits are the immediate concern as participants in the United Mine Workers of America 1974 (UMWA) Pension Plan are unlikely to see any significant cuts in their pensions primarily because the average retiree receives about $6,900 annually, far less than the PBGC guarantee, so even after exhaustion of all trust assets by 2025 the Mine Workers will likely have the PBGC continuing to pay most of their benefits (unless of course the PBGC itself goes belly-up by then too).
Yesterday S175 was introduced by Senator Joe Manchin (D-W.V.):
A bill to amend the Surface Mining Control and Reclamation Act of 1977 to transfer certain funds to the Multiemployer Health Benefit Plan and the 1974 United Mine Workers of America Pension Plan, and for other purposes.
Immediately following S176 was introduced by Senate Majority Leader Mitch McConnell titled:
A bill to amend the Surface Mining Control and Reclamation Act of 1977 to transfer certain funds to the Multiemployer Health Benefit Plan, and for other purposes.
Both bills propose funneling money past April from the Abandoned Mine Reclamation Fund to pay health benefits to “orphaned” retired miners and their dependents left adrift by coal companies that have gone bankrupt. However S175 also wants the UMWA Pension Plan to get some money. The question is from where?
The New York Times headline seemed interesting:
But then it turned out NOT to be about why there is supposedly less oversight over journalists but rather implied a nonsensical link between having fewer people working on newspapers and somehow there being less coverage of important government actions.
More out of a sense of obligation at having to get through it (which is pretty much how New Jersey Governor Chris Christie treated it) here are pertinent excerpts from today’s state of the State speech where the big initiative for 2017 turned out to be coddling drug addicts.
Fortunately the audience did get through it with only one casualty.
Now that politicians in New Jersey have run out of their own stupid ideas to (not) deal with the massively underfunded state pension system, according to njspotlight, they have turned to soliciting other people’s stupid ideas*. This time, according to a Request for Proposals sent out on December 9, 2016, from investment bankers.