Archive for the ‘New Jersesy Pension’ Category

If the NJEA wanted to be scarier (and fairer)

The New Jersey Education Association (NJEA) is releasing an ad that appears to be hard hitting:
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But there is no context.  Fortunately, we have 15 years of TPAF valuation reports on the state website and it is fairly easy to make up a spreadsheet to check the numbers.  Projecting out, state and local contributions look to have been closer to $5 billion than $3 billion while member contributions would come in at $9 billion instead of $10 billion over the last 20 years but there is one number conspicuously absent from the NJEA story.

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Bizarro Day for New Jersey Pensions

There were hearings yesterday where New Jersey legislators were told that there the state might be able to scrape together another $200 million to put into a pension system that that has an accrued deficit of $166 billion (using realistic assumptions).  But it gets weirder.

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Teachable Moment in New Jersey

” If you can’t be a good example, then you’ll just have to be a horrible warning”
~ His Burial Too (c) Catherine Aird 1973

Three months after a roadmap to resolution of the pension problem in New Jersey was released we are at a standstill.  An njspotlght story updated what is going on (or more accurately not going on) and ended with this quote:

“It’s really not in anybody’s interest to have the state become insolvent,” Byrne said. “Whether we like it or not, we’re all in this together.”

Leaving aside the question of what insolvency would look like there is an obvious public purpose served by having New Jersey go insolvent.

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Christie’s Pension Spiel

Thanks to the New Jersey Herald youtube site that uploaded the video of yesterday’s town hall in Sparta that revealed much about the governor’s propaganda campaign to reform pensions.  Below are the excerpts from that meeting that deal with pensions and benefits starting with the stump speech:

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“It’s embarrassing, and I’m tired of hearing this I want what I was promised”

Hopefully there will be video soon of the entire town hall meeting in Sparta today at which Governor Christie made that and other comments on the Pension and Benefits system in New Jersey, some of which were reported by politickernj a couple of hours ago:

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NJPP4 – Reasonable and Necessary Impairment

In his argument in the pension payment case (now online) Steven Weissman, an attorney for the state branches of Communications Workers of America and the AFL-CIO, may have given the state a lifeline to avoid making their contributions.

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NJPP3 – US Trust New Jersey?

There was a lot of discussion last week on United States Trust Co. v. New Jersey 431 U.S. 1 (1977) and not only in New Jersey:

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