Christie’s Final Pension Solution

New Jersey governor Chris Christie’s last budget address and here comes the dream scenario for pension funding:
.

.

Who is going to pay $13 billion for the New Jersey lottery? Better to buy a ticket.


.
For many years the state wouldn’t even come up with that dollar and come 2021 the Judicial Retirement System is projected not to have any dollars left.

18 responses to this post.

  1. Posted by Anonymous on March 1, 2017 at 1:36 pm

    My understanding, based on recent NJSC rulings, no more $ will go into that fund…..

    Reply

  2. Posted by boscoe on March 1, 2017 at 1:40 pm

    The state lottery spins off close to $1 billion a year that is deposited and spent in the annual state budget for “State institutions and State aid for education” per the requirement of the State Constitution. If the Governor is talking about redirecting that income stream to the pension systems (i.e., TPAF to comply with the Constitution), he will have to make up the $1 billion now used for other purposes. If your interpretation of his statement — that the entire lottery be sold and the asset value (whatever that is) deposited in the pension systems, then he’s basically taken the state out of the lottery business period. What makes you think that’s what he is talking about doing?

    http://www.nj.com/politics/index.ssf/2017/03/christie_wants_another_chance_to_fix_public_pensio.html#incart_2box_nj-homepage-featured

    Reply

    • He did say $13 billion as a one-time injection which would mean either selling it and getting the money up front or having the Pension own the lottery and having that stream of income as an asset.

      Either way it’s an impractical gimmick that he brought up only to fill a couple of minutes in the speech so he could say he addressed the pension issue.

      Reply

      • Posted by Anonymous on March 1, 2017 at 2:09 pm

        It’s kind of poetic justice the JRS is expected to run out of money first. It’ll be interesting to see how the sitting justices will eventually rule on their own fate.

        Might the NJSC continue their blatantly corrupt ways and mince words to legally mandate only their pension payments (and probably SPRS)?

        Pay as you go or just go – precedent!

        Reply

        • Posted by BD on March 1, 2017 at 10:24 pm

          Although PFRS participants like to point to their superior level of funding, I don’t believe there are statutory walls around any of these individual funds. It should be a simple matter to merge them once the smallest one goes bust. I think this was addressed in the Commission report.

          Reply

          • Posted by Mark on March 2, 2017 at 11:47 am

            There is pfrs local and pfrs state. That’s where the real fireworks start. As a local taxpayer you have made your contributions to match your local cops contributions. Now the state is going to ask you to make up for their lack of a contribution match for the better part of 30 years for state corrections, inspectors etc. that is the poison pill in the commission report= send the bill to the towns

          • Posted by Anonymous on March 2, 2017 at 1:48 pm

            That’s drop in the bucket compared to TPAF.

  3. Posted by Anonymous on March 1, 2017 at 2:38 pm

    Please tell CC to go away.

    Reply

  4. Posted by Anonymous on March 1, 2017 at 3:48 pm

    Off topic but what a great proposed Budget & speech last night! Nice to see the GOP have gotten back to catering to one of their core constituent groups, Military/Defense. Let’s stock pile more crap we’ll never use and then have to pay again to get rid of it!!

    Reply

  5. Posted by friendofTR on March 1, 2017 at 7:39 pm

    What’s going on with The County Watchers site? It’s been down 2 days now.

    Reply

    • Posted by Anonymous on March 1, 2017 at 7:40 pm

      Trump cut their funding, something about fake news.

      Reply

    • It should be up in a day or so.

      The story is that there was malware found and bluehost shut it down along with other sites using it (like http://www.thehillsider.com). It’s supposed to be coming back later this week but on wordpress. In any case, the blogs are backed up through November, 2016 and you can access them at http://www.countywatchers.wordpress.com but I’ll wait for the transfer to be made officially before posting again. We still have the domain name so wwww.countywatchers.com should still work when it’s up.

      Reply

      • Posted by friendofTR on March 1, 2017 at 8:21 pm

        Thank you John. You do an invaluable service for Union County taxpayers.

        Reply

        • Posted by Anonymous on March 2, 2017 at 7:24 am

          Spoken like a true Trumputin, it’s better (justified) to give back to the smallest segment of the population (largest in terms of total wealth) via a tax break the rest of us (at least most of us) pay for.

          Reply

  6. Posted by George on March 1, 2017 at 10:46 pm

    How about paying, say 5%, of pension benefits in the form of lottery tickets. Seems like a fair exchange of money for an equivalent amount of lottery tickets.

    My other genius idea is awarding the police pension scheme the exclusive right to obtain and sell cannabis products in NJ.

    Reply

  7. Posted by Anonymous on March 2, 2017 at 11:27 am

    Trumputins would be signing its’ praises if the Prez proposed it!

    Reply

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: