Chris Christie let off a little steam today, primarily directed against the New Jersey Education Association (NJEA). According to nj.com:
Christie unleashed against the NJEA in his first public comments to reporters after Sweeney asked prosecutors to investigate threats by that union and the Fraternal Order of Police to withhold all campaign contributions over a feud about a voter referendum on public worker pensions.
“This is a dreadful group of leaders and for the Senate president and others in the Democratic caucus to join that chorus, I welcome them — very late — to the amen chorus about the fact that the NJEA is the single most destructive political force in this building,” Christie said, referring to the New Jersey Statehouse.
“It’s not even close. There’s not even a close second to these people,” he said. “(They’re) the most selfish, destructive people in this building — and everybody in both parties knows it.”
No details but the practice of purchasing politicians and abetting a system of legalized bribery is certainly deplorable though for Christie (the sellout king) only when others do it.
However, where Christie has a point (though I’m sure he does not yet realize it) is that the NJEA (like several other unions) has done a terrible job in getting benefits for their members funded properly but when it comes to their own Defined Benefit plan:
Data from the latest 5500 filing:
Plan Name: New Jersey Education Association Employees’ Retirement and Trust Fund
Total participants @ 8/31/15: 534 including:
Separated but entitled to benefits: 12
Still working: 256
Asset Value (Market) @ 9/1/14: $336,705,067
Asset Value (Actuarial) @ 9/1/14: $314,088,231
Value of liabilities using PPA rate (6.47%) @ 9/1/14: $241,769,877 including:
Separated but entitled to benefits: $647,710
Still working: $78,031,129
Funded ratio (MV): 139.27%
Funded Ratio (AV): 129.91%
Asset Value (Market) as of 8/31/15: $322,348,168
Participant Contributions: $1,094,485
Oh, and the NJEA also has a 401(k) plan with $36 million in it on top of that 139% funded Defined Benefit Plan.