Passing Pension Bill – to Future Generations

Another New Jersey pension reform bill became law today and this one passed unanimously……..primarily because it does NOTHING.

quarterlypensionbill

The fiscal impact as estimated by the Office of Legislative Services is $0. My estimate was this last month and if you are looking for an update please check out NJTV Friday evening.

14 responses to this post.

  1. Posted by Anonymous on December 15, 2016 at 8:14 pm

    Well at least NJ can increase the pension payment by the amount of savings from the “Cadillac Tax” on health care when Trump and the GOP dismantle the ACA. Then eventually throw Medicate receipents to the insurance industry wolves!

    Let’s face it, this was a precursor to passing the, what I’ll call, “Krispy Kreme Book Deal” bill so he can write “Jelly Roll, Sticking it to NJ” while he’s still on the State payroll. MAYBE the Dems don’t trust him, like they have a reason not to!

    Reply

  2. Posted by Eric on December 15, 2016 at 9:06 pm

    John:
    Since our results oriented, “law be damned” , “Supreme Court” stated in Burgos that the state is not obligated to make pension payments, into the failing pension system, I guess the “quarterly payment” bill can best be summed up mathematically as:
    0 x 4 = 0 Problem Solved.
    Eric

    Reply

    • Posted by Anonymous on December 15, 2016 at 9:30 pm

      Hey Eric, NJ better start nominating SCJ that know how to budget.

      Like I said in a previous post all of the non voter approved conduit debt is subject to annual appropriations by the Legislator and subject to LIV by the governor.

      Time for bondholders of conduit debt to get in line!

      Reply

    • Posted by George on December 16, 2016 at 10:54 am

      Maybe Christie or Sweeny was watching the Home Shopping Network when he had an epiphany, offer 4 easy payments. At the extreme, you could think of $10 billion as the cost of a new high school every day. (I am thinking a new high school with all the works would be $27 million, but what do I know)

      Reply

    • Posted by S Moderation Douglas on December 16, 2016 at 1:20 pm

      As of August, 2016, we were still paying a pension to the daughter of a Civil War veteran. She’s only 86, so we could still be paying for a while.

      Reply

  3. Posted by skip3house on December 16, 2016 at 11:01 am

    What is frightening is that many Legislators and ordinary citizens of NJ really believe this ‘stuff’, it sure seems!

    Reply

  4. Posted by Anonymous on December 16, 2016 at 11:07 am

    Riddle me this Bratman; “what has one mouth but can talk out of both sides”. Yes that right Boy Blunder a politician! A link to NJ’s command center located below the Statehouse, somewhere in the sewer system. Because most of what they do comes out smelling like…..

    Reply

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