Vincent Prieto, Speaker of the New Jersey General Assembly, gave a podcast interview where, when asked about the bankrupt Transportation Trust fund and the need for a gas tax, saw that as a debt that should not be passed on to our children and grandchildren:
Yet on the pension issue:
Phase-in is a euphemism for not making the full contribution and it never occurs to Speaker Prieto that the money NOT being deposited each year is going on the tab of those same children and grandchildren.
But Vincent Prieto is a politician unable to grasp basic mathematical concepts when they don’t coincide with his mission (repaying campaign donors) so nobody expects rational thought to underpin the positions he is assigned.
But what about those actuaries he ‘went with’ who assured him that a “five year phase-in would work”? Is there an ASOP 51 that reads: