Blaming the NJ Supreme Court

The last recorded portion of the pension forum at Monmouth University was a question/accusation seeking to finger a villain in the pension crisis that elicited this response from Senate President Steve Sweeney:
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Here is the full question and most of the answer (until the Monmouth people stopped recording):


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All I would add is that, if honest actuarial assumptions were used to value the liabilities 25 years ago, the system would have been shown to be underfunded even then and the contribution holidays and benefit increases that ensued could not have been justified by the ‘experts’.

13 responses to this post.

  1. Posted by skip3house on October 7, 2018 at 12:18 pm

    Have seen mentioned a few times in this blog of wondering why the NJ budget was allowed to not be balanced.

    Reply

  2. Posted by Anonymous on October 7, 2018 at 12:40 pm

    NJ’s a fiscal mess brought about by the same individuals claiming to want to ‘fix it’ now. The NJSC rulings or lack thereof can be easily addressed by politicans not providing GF appropriations for their pensions when the JRS runs dry! Oh what a tangled web they’ve weaved…..

    Reply

  3. Posted by Anon on October 8, 2018 at 11:34 am

    …woven

    Reply

  4. “I tried to fix this problem in 2005. It was this big [holds fingers 1 inch apart], it was RIGHT BEFORE it started to snowball”….

    Hahahahaha. His holier than thou, “self-righteous” attitude kills me 🙂

    Reply

  5. Posted by geo8rge on October 8, 2018 at 4:03 pm

    Can someone post links to the supreme court opinions?

    Reply

  6. Posted by dentss dunnigan on October 8, 2018 at 4:10 pm

    Obey the constitution or get out !

    Reply

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