Pension Funding Plan Christie Would Endorse

A couple of retired former New Jersey employees were kicking around various issues of the day including where pension reform is at now and concluded:

Q: Gov. Christie has vowed to veto Assembly Speaker Vincent Prieto’s pension reform plan unless it includes structural changes. Does this suggest we’ll have a pension stalemate for the rest of Christie’s term?

BYRNE: Not necessarily. They could come to an agreement.

KEAN: We can’t afford a pension stalemate. It’s unfair to pensioners, and catastrophic to the state budget. Right now some solutions are possible. But by the time a new governor arrives, those solutions will no longer work. So it’s imperative now that both sides stop shooting at each other and get in a room and talk.

Before that they should all go into a room and read this blog so their discussion would be informed but the big question is how would you get Christie into that room these days.  I suggest:

  1. For convenience do it in New Hampshire; and
  2. Make this the proposal:

Fine-tune Sweeney’s idea of getting the federal government to give the NJ pension a $50 billion loan.  Right now nobody in the rest of the country thinks it makes any sense but what if the president gets behind it?  You see where I’m going with this?

Right now Christie has to make do with $11 million he extorts in part from people who sell the pension on alternative investments.  That is not going to get it done against someone who has $8.7 billion to sink.  But those numbers would quickly turn around if Christie could find a backer with $79.15 billion at their disposal.

It wouldn’t be the dumbest pension reform proposal New Jersey officials ever sold.

50 responses to this post.

  1. Posted by Anonymous on August 3, 2015 at 9:46 am

    I’m sure Christie and those in his camp would like nothing more than a continued P&B stalemate for obvious reasons.

    Reply

  2. Posted by Chuck on August 3, 2015 at 10:03 am

    Why would anyone negotiate with Christie since he’s outright lied twice on this issue?

    Reply

    • Posted by Tough Love on August 3, 2015 at 1:14 pm

      Perhaps because unless you so negotiate, by the end of Christie’s term, Public Sector pensions will be far closer to unsalvageable.

      Reply

      • Posted by BH on August 3, 2015 at 2:47 pm

        No sense negotiating with that bully!! Good for them. I hope they hold out for a more realistic and friendly administration so the workers keep their pensions while the state makes up for their wrongdoings throughout many decades!!!

        Reply

        • Posted by Tough Love on August 3, 2015 at 2:50 pm

          Still greedy and in denial ………..

          “Wrongdoing” my ARS, it’s greed and COLLUSION with our Elected Officials.

          Reply

          • Posted by BH on August 3, 2015 at 2:52 pm

            Not greedy!!!
            Pay them what they were told they would get paid. Nothing more. Nothing less!!!
            You wouldn’t take less at your job…..

          • Posted by BH on August 3, 2015 at 2:55 pm

            Fortunately for the workers, Chris crispy is losing any credibility he once had. This will carry over to NJ. And once he doesn’t get the nod by the rep party, he will come back to NJ with his tail between his legs!!!
            Who do you think those 60,000 plus people were at a horse race who boooood him??? Democrats!!! Lol. His own party thinks he’s a joke.
            Too bad TL, but nothing will get done under his watch and this is the best time to put it to a vote. Nobody will side with him anymore….. Ballots should read…. Pay the workers, fund the pensions first and stop the nonsense!!!

          • Posted by Tough Love on August 3, 2015 at 8:34 pm

            “Nonsense” is that these grossly excessive pensions & benefits were EVER granted.

            While THAT mistake is water over the dam, we must now STOP the bleeding by freezing both the STATE and LOCAL Plans for all CURRENT workers.

  3. This blog has, surely, reached a stalemate!

    Reply

    • Posted by Tough Love on August 3, 2015 at 1:15 pm

      The greedy don’t what to relinquish their current unjustified excess ….. and reform advocates must demand no less.

      Reply

      • Posted by BH on August 3, 2015 at 2:48 pm

        The workers need to hold fast!!! The voters are behind them!!
        TL, and her 5 followers are just twisted jealous copy and paste Rebels!! Lol

        Reply

        • Posted by Tough Love on August 3, 2015 at 2:53 pm

          The “voters” will teach the very greedy Public Sector Unions/workers a hard lesson …. at the first opportunity.

          I prey for the opportunity to vote for a Constitutional Amendment to materially reduced Public Sector pensions.

          Reply

  4. Posted by FAP on August 3, 2015 at 10:31 am

    Or and this is just a thought…. we could start spinning straw into GOLD! 🙂

    Does anyone think we’re going to see real movement on pensions until 1) one system is out of assets and becomes pay-as-you-go and 2) the slowly failing pensions refuse to be lashed, aka merged, to the quickly failing pensions?

    I would expect some minor movements with the next Governor, millionaires tax and putting a little more general revenues in the kitty, but does that do anything but delay the inevitable choices that have to be made?

    Reply

    • Posted by Anonymous on August 3, 2015 at 12:09 pm

      In WI the land of Walker all over you the union busting reforms pushed through have done little if anything for the average taxpayer. Most if not all of the benefactors have been medium to large corporations and their high salaried executives. America all for one and none for all – LOL!

      Reply

      • Posted by Tough Love on August 3, 2015 at 1:18 pm

        Taxes RARELY go down anywhere. The VERY JUSTIFIABLE “reforms” have stopped the endless upward spiral.

        Reply

  5. Posted by Anonymous on August 3, 2015 at 12:13 pm

    http://www.nj.com/opinion/index.ssf/2015/08/more_employee_concessions_are_not_what_healthy_pol.html#incart_river_mobile
    Yeah right give them their COLA back to. Let employer contributions funded by local property taxes pick up the tab. Are they kidding?

    Reply

    • Posted by Tough Love on August 3, 2015 at 1:20 pm

      Oh, they’re not kidding …… it’s called “greed”, and “to hell with the Taxpayers”.

      Reply

      • Posted by BH on August 3, 2015 at 2:50 pm

        It’s called deliver on what was promised, what they payed into and what is right!!!

        Reply

        • Posted by Tough Love on August 3, 2015 at 2:54 pm

          Horsesh**

          Reply

          • Posted by BH on August 3, 2015 at 2:59 pm

            You must be close to defeat huh??? How’s that feel?? Filled with such hate and jealousy…. Thought you were victorious…. This next Supreme Court case is gonna shock you!!!! Search around….. It’s the same case workers have won elsewhere!!!

      • Posted by MJ on August 3, 2015 at 6:12 pm

        Note who wrote the article. Need anything more be said?

        Reply

  6. Posted by Anonymous on August 3, 2015 at 12:27 pm

    TL thinks that she is saved if the pension system fails. boy is she wrong! taxes will skyrocket even faster

    Reply

    • Posted by Tough Love on August 3, 2015 at 1:08 pm

      NJ’s pension system doesn’t have to “fail”. It just has to:

      (a) FREEZE further STATE and LOCAL DB Pension Plan accruals (to STOP digging the hole deeper), and
      (b) since PAST Service accruals were no less “excessive” (or justifiable) than would a be FUTURE Service accruals under the same grossly excessive DB pensions, very materially reduce heathcare benefits to help pay down the unfunded liability associated with those unjust PAST Service accruals.

      JUST like the NJ Pension Commission has recommended.
      ——————————

      What’s stopping it is that NJ’s insatiably greedy Public Sector Unions/workers don’t want to give up their HUGE pension/benefit “advantage” …. even for FUTURE Service years not yet worked, and of course that our Elected Officials don’t want to risk confronting the Union’s greed and disdain for the Taxpayers, and risk losing the Public Sector Unions’ camapign contributions and election support.

      Reply

      • Posted by BH on August 3, 2015 at 2:51 pm

        Copy paste rebel!!!

        Reply

      • Posted by BH on August 3, 2015 at 11:56 pm

        what you’ve just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this blog is now dumber for having read it. I award you no points, and may God have mercy on your soul.

        Reply

        • Posted by Tough Love on August 4, 2015 at 12:15 am

          I just re-read my comment. Nothing “idiotic, rambling, incoherent, or dumb” there.

          Your insatiable greed has twisted your sense of reality.

          Reply

          • Posted by Anonymous on August 4, 2015 at 1:52 pm

            vocabulary words cant help you now. taxes are rising and substantially, afterall for years they did not under christie, there will be a new governor in town

  7. Posted by Anonymous on August 3, 2015 at 3:15 pm

    I think NJ could start outsourcing the fire department just like San Bernardino has done. If it can happen in California, it can happen in NJ. In fact, they should try to privatize as much as possible. Another idea is to lower PW salaries to the point that the saved money can be contributed toward their pensions.

    Reply

  8. Posted by Anonymous on August 3, 2015 at 5:56 pm

    Hey John,
    If Christie has a miserable failed run for the nomination, do you think it will finally hurt his credibility in NJ. meaning people will stop listening to his empty rhetoric. People will really he is full of hot air. People will realize he is owned by the millionaires and will do only what is best for them despite his constantly complimenting himself on all of his accomplishments

    Reply

  9. Posted by Anonymous on August 3, 2015 at 10:45 pm

    http://www.nj.com/politics/index.ssf/2015/08/national_teacher_union_christie_bully_and_has_ange.html

    It just keeps getting better for the Dems locally and nationally. Reps keeping digging your grave.

    Reply

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