Pension reform laws that included the elimination of cost-of-living-adjustments (COLAs) for current retirees were tossed out by courts in Illinois, Arizona, and Oregon but what is happening with Berg v. Christie in New Jersey?
A not-to-be-named participant in that case speculates:
In an especially unctuous edition of Ask the Governor tonight there was one moment of enlightenment when a caller asked whether public employees should be racing for retirement in anticipation of another set of benefit reforms.
The answer was ‘no’ but (after months of speeches, warnings, reports, and general posturing) it was the reason that made news.
Not only am I not being informed when I watch news reports about Wall Street, but I swear to God, it feels like I am somehow having information erased from my brain. Jimmy Dore
There was an njspotlight story on how a plan for New Jersey to put in their pension contributions in 1/10th intervals would cost more than the 1/7th schedule purportedly in place now which included a handy chart that the actuaries would have developed that had a column projecting the state’s Annual Recommended Contribution (ARC) through 2045.
For FY2045 the guess was that the ARC would be $5.06 billion. For FY2018 the full 7/7ths amount was estimated to be $4.48 billion. That comes to a 13% increase in the ARC over 27 years.
But according to a recent bond disclosure filing over the last 6 years the full ARC for the state portion of the plans actually went up 76% from $2.231 billion $3.935 billion:
Two of the ‘angry drunks’ (Tom Moran and Paul Mulshine) took umbrage at having their off-the-record evening reported and Christie’s remarks recorded:
The scandal is believing that these mean-spirited ramblings bear some resemblance to what passed at the Algonquin round table or a Friar’s Club roast when it doesn’t even rise to a level acceptable to either Crispin Glover or Kiefer Sutherland from their druggie acolytes by the river.
What would have been funny:
The New York Times even covered it primarily because the speech was surreptitiously recorded:
Though he didn’t use those exact words.
Nationally there is the White House Correspondents dinner where politicians and those who cover them get to poke fun at each other. This is likely C-Span’s highest rated program and is covered widely in the mass media.
New Jersey has it’s own version called the New Jersey Legislative Correspondent’s Club annual show. It was held last night and only one media outlet seems to have covered it.
Below are youtubes from prior years to give you the flavor and then what Chris Christie was reported to have said at this year’s event.