Christie to “Work With” NJ Actuaries

“We’ll work with the actuaries to make the actuarially appropriate payment.”

Chris Christie on Ask-the-Governor

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The full Q&A on the pension payment question from last night:

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Any independent actuary will tell you that New Jersey’s “actuarially appropriate” annual payment is in the area of $10 billion considering the benefits being promised and the woefully funded status of the plans.

So what is it exactly that Governor Christie and his people will be “working with” the actuaries on?  When you have cancer and your insurance company doesn’t want to cover the costs do they “work with” your doctor?  If so you might wind up with a prescription for two aspirin and be dead in a year.

9 responses to this post.

  1. If you can come up with 2 plus 3 equals 4, you get the job……..

    Reply

  2. Posted by Anonymous on February 4, 2014 at 2:30 pm

    Chris Christie should change his name to Crispy Creme if you planned to run for president,. He will get many more votes

    Reply

  3. Posted by Tough Love on February 4, 2014 at 3:22 pm

    Wow, for a smart guy like Christie to use the words…”We’ll work with the actuaries to make the actuarially appropriate payment”, THAT’s very surprising as surely he knows that doing so isfinancially impossible.

    Reply

  4. Posted by bpaterson on February 4, 2014 at 4:16 pm

    JB1-are these the same actuaries that have been in place for the last 10 years. how do they get the job, year after year. Do they think they are doing a good job, after the publicity of the pension system is failing big time. Are they saying, gee its not our fault, its the blame of the shortfall in annual funding..or are they saying anything at all in thier qualification statements?

    Reply

    • Buck puts in their reports when they think the funds will run out of money.

      Buck and Milliman (Teachers plan) have been the only actuarial reports I’ve seen so they may go back decades. They’re getting about $1 million in fees, last I looked, for not a lot of work – since the Division of Pensions does the benefit calculations and the reports are basically marking up last year.

      So it’s a really easy gig – unless you have a conscience.

      Reply

      • Posted by Anonymous on February 6, 2014 at 7:36 am

        jog where will the money come from if indeed he will actually fund or will the actuarial amount be bogus

        Reply

    • Posted by Tough Love on February 4, 2014 at 5:16 pm

      It’s a circular conundrum that feeds upon itself.

      If the Plans “generosity” was “affordable”,then we SHOULD be required to fully fund annually (per actuarial standards). But these Plans are WAY too generous (although the Unions lie, mislead and say otherwise, while their bought-off elected officials play dumb) and hence WAY to costly to fully fund.

      So instead of real “money” going into their Plans the Unions get “promises” (even though unaffordable) they believe are Protected by Contract Law and statutes, and the elected officials (by underfunding the “promised” pensions) have more money in their annual budgets for their pet projects and to give raises and pension/benefit increases to those same Union workers whose generously funded their election campaigns.

      And the Taxpayers get screwed … by ALL of them.
      —————————————————–

      But hopefully the financially “mugged” Taxpayers will have a surprise for the greedy … by reneging on a good portion of these grossly excessive, unnecessary,and unjust pension & benefits promises.

      Reply

      • So far, winners all that have retired and received bulk of pension/medical ‘promises’..
        Losers to be…..taxpayers, or verge of retiring NJ workers.

        Reply

  5. Posted by MJ on February 4, 2014 at 8:38 pm

    I find it hard to believe with NJ being at the bottom of the financial rung of all states and with taxes the highest already that there could be much more of a tax increase. Most people are living paycheck to paycheck as it is right now so unless they are completely brain dead I hardly think a tax increase to fund the publics retirement at age 55 will go over well. Most non-public have little or no retirement savings due the extremely high taxes, food, gas, utilities, etc. I also find it hard to believe that the younger workers who are paying more in and making less have not caught on that they are financing people who are making more in retirement than when working. Christie and others have already proven to be liars, cheats, double dippers and all around incompetent. Why should we believe things will be any different? I just don’t get what is so hard to comprehend in that there isn’t any more money. Other services will have to suffer if more and more is taken from the budget to fund pensions.

    Reply

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