An argument public workers often use to convince themselves that their pensions are secure is that the politicians themselves are also in these plans so they would look to protect their own interests.
According to updated pension data released by the state there are 345 retirees whose last employer was either the Senate, General Assembly, or Chief Executives Office getting as of December, 2014 a combined $6,130,623 in pension payments annually. Among those pensioners are at least:
- Six former governors
- Two gubernatorial candidates
- One current member of the State Senate
- One former Christie aide
- One convicted felon
Check the spreadsheet sorted first by name and then by amount of pension to see if you can locate other notables.
My point is that these people did nothing when they were (or in at least one case are still in) office to avert the disaster that is the New Jersey Retirement System now so many of them are under the same delusions of solvency as the majority of New Jersey public workers. And even after the collapse is it really that big a deal for most of them? Sure you have politicians who really need the money* but is Thomas Kean or Christie Whitman going to be put out by not getting that monthly check of $1,904 and $1,610 respectively?
* Referring here to a story that broke yesterday where an Assemblywoman’s husband was strapped for cash and sought Sandy aid at around the time that the Assemblywoman was questioning the misuse of Sandy aid.