Christie’s Last Gift

Chris Christie spent part of his last full day as governor of New Jersey depleting the worst funded pension system in the nation for the benefit of political allies by signing S3620 after it swept through the lame duck legislative process in about a month. The bill appears to have been designed for former Camden Mayor Dana Redd, an ally of Christie and acolyte of South Jersey Democratic power broker George Norcross. On Friday, Redd was hired as the CEO of an obscure university governing board at a salary of $275,000.

$275,000 also happens to be the maximum salary that can used for pension purposes in 2018. Three years at that salary would develop an annual benefit of $155,000 ($275,000 x 31/55) whereas without this bill, Politico reports:

Had the law remained the same, she could have re-entered the pension system, but would have been knocked into the lowest tier. Her maximum pensionable salary in that case would have been around $127,000. She would not have been able to count the last eight years towards her pension.

That annual benefit would come to a mere $53,109 ($127,000 x 23/55).

$101,891 per year more which amounts to an additional lump sum value of about $1.5 million.

 

9 responses to this post.

  1. Posted by Tough Love on January 15, 2018 at 4:57 pm

    Wow………..

    Many times I have supported Gov Christie because of his legitimate efforts and many successes (especially the COLA-suspension) which have saved NJ taxpayers a GREAT DEAL of real cash (not, “accounting”, and not “timing”), but by signing this bill he’s shown that he is a miserable SHITHOLE (as is our current President).

    Whenever he brings up his “accomplishments” he should be reminded of THIS outrageous betrayal of NJ’s Taxpayers.

    Reply

  2. Posted by Tough Love on January 15, 2018 at 8:39 pm

    John,

    I agree with your $1.5 MILLION increase in Lump Sum pension value…….. so if Dana Redd works at her new salary of $275K for 3 years, her total compensation from wages and the INCREASE in the pension is (3x$275K)+$1.5M = $2.325 or $775,000 per year !

    PLUS, (with over 25 years of service), she’ll now qualify for heavily subsidized retiree healthcare benefits.

    Gov Christie,

    Was this necessary, just, or fair to NJ’s Taxpayers (you miserable SHITHOLE) ?

    Reply

  3. Posted by NJ2AZ on January 15, 2018 at 8:42 pm

    On the bright side, when NJ inevitably has to reduce benefits for current retirees, it will almost certainly start with the $100k+ pensioners because you know, “fair”

    Reply

  4. Posted by Tough Luck on January 16, 2018 at 11:09 am

    What is with the people of NJ who keep electing these people to office? When a Governor decries an underfunded pension plan and then on his last day in office which will allow him to escape the heat, he rearwards elected officials with a pension spike! Is the whole state nuts?

    Reply

    • Posted by PS Drone on January 16, 2018 at 12:04 pm

      Because a very significant percentage of NJ citizens who actually vote are either beneficiaries of the scam(s) or relatives of same. Since the majority of NJ residents do not vote they (and we by default) deserve what we get.

      Reply

  5. Posted by James Shearer on January 16, 2018 at 11:17 am

    trimtone@gmail

    Sent from Yahoo Mail on Android

    Reply

  6. Posted by boscoe on January 16, 2018 at 12:52 pm

    To steal a line from George and Ira Gershwin: “Nice work if you can get it, and you can get it if you try.” Of course, the Gershwins were talking about falling in love, not falling into an outrageous lifetime sinecure courtesy of Norcross, Sweeney and associates.

    Reply

  7. Posted by geo8rge on January 16, 2018 at 1:19 pm

    Can Gov Murphy reverse this, or does the ‘California Rule’ now apply. And can the fees to BoA for the lottery ‘work’ be clawed back?

    Reply

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