Who’s the Crazy Quack in NJ?

New Jersey politicians are about to ram through a bill calling for quarterly contributions into the state retirement system that will actually REDUCE the amount of money that the state has to put into the plans in two ways:

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Extending our example from the Quarterly Quackery blog, a total contribution of $700 million would reduce to $680 million on account of the interest adjustment in the valuation and then be further reduced to maybe $670 million to take into account the borrowing costs of the state with the second worst (and still dropping) credit rating in the nation.

More silliness from yesterday’s Ask the Governor:



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4 responses to this post.

  1. Let us not forget that the documents provided by the Christie administration were redacted by the Christie administration. All they would have to do is measure the unredacted signature from an official document and compare it to the measurement of a redacted document and they could prove that Christie knew about Bridgegate, by Statistical inference. If the measurements on the signatures on the redacted page match the measurements of the signatures on the unredacted documents they would have the proof. Let us not forget that the “Master Report,” was composed by people hired by Christie for a desired result. It isn’t worth the price of the paper it’s written on. And let us not forget that Christie is a known liar himself and really shouldn’t be trusted.

    Reply

  2. Posted by Anonymous on November 22, 2016 at 2:58 pm

    Political America during the Trump Era is “Reality TV” seeped in propaganda and “truthism”, very much an illusion. As a 20th century musical genius sang” when we believe in things we don’t understand, we suffer”. Each day New information comes out about Christie s hero Trump. As a participant in the NJ Pension system Alternate Benefits Program, on a bimonthly basis for decades my contributions and the employer contributions were forwarded within 5 days to the provider, per the IRS codes. It seems the state as the provider for the five defined benefits programs chose another method to place the employer contributions in the trust that provides payment. Since the legislation governing the state pension clearly has a nondiscrimination clause, the five should reflect the best practice of the NJABP. The legislation clearly embraces ” exclusive benefit”, for the employee and their beneficiaries. So there really isn’t a real problem with submitting , it should be done ever pay period for each eligible employee.

    Reply

  3. Posted by Anonymous on November 22, 2016 at 6:45 pm

    It looks like the real game of musical chairs on the titanic is about to begin …https://mishtalk.com/2016/11/22/dallas-on-verge-of-bankruptcy-due-to-pensions/

    Reply

  4. […] should REDUCE its contributions on account of the actuarial adjustment for earlier deposits and the cost of borrowing.  The state would still get to pick their contribution by applying some arbitrary fraction to the […]

    Reply

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