Breaking News: New PBGC Director

W. Thomas Reeder Jr. became the 15th director of the Pension Benefit Guaranty Corporation (PGGC) in October, 2015. This Thursday he will be the only witness at a hearing of the Joint Select Committee on the Solvency of Multiemployer Pension Plans to examine the state of the PBGC (which happens to be approaching bankruptcy). This could be Mr. Reeder’s last act as PBGC director.

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Central States – GAO Report Coming

The General Accountability Office (GAO) has a draft report to Congress out there on investment policy decisions and challenges facing the Central States Pension Fund (CSPF) that “has not been fully reviewed within GAO and is subject to revision” which is why I can’t share the report with you but I can give you my impressions after reading it.

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Politics in New Jersey

Open Borrowing got me back to checking out books from the Morris County Library for the first time since my wallet was stolen at the Montclair YMCA about twenty years ago and the card I had been using, possibly illegally, for years without renewing was lost forever. Excerpts from that first checkout which, based on my experience, remain relevant:

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S5 NJLM Take

The conditional veto of the PFRS transfer bill went on for 14 pages in a format that made understanding what it really did difficult without cross-checking the original bill. Luckily the New Jersey State League of Municipalities (NJLM) took on the task and came up with this helpful summary (which included at least two other pimp slaps of the unions that I have not seen mentioned anywhere else):

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S5 Reporters Take

The only video reaction so far to the conditional veto of S5 is a minute from John Reitmeyer of njspotlight.com:
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The problem here….
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S5 Veto Reaction

After the last governor called him a ‘pension pig‘ Patrick Colligan, president of the New Jersey State Policemen’s Benevolent Association, laid into Christie after last year’s conditional veto of the PFRS pension transfer bill:

Governor Christie’s decision to conditionally veto Senate Bill 3040 is the final proof, if proof were needed, that he is intent on destroying the pension system before his term is complete.The legislation he vetoed represented the best practices of well-funded and professionally managed police and fire pension systems from throughout the United States. Its primary purpose was to remove the New Jersey Police and Firemen’s Retirement System (PFRS) from the political interference and blatant mismanagement of the State that has underfunded it for nearly 20 years. It would have placed PFRS into the hands of the employers and employees who fund and benefit from it by focusing primarily on fully funding the system. This would have been accomplished by hiring professionals and money managers who would focus only on PFRS with oversight from a new Board of Trustees who could direct the system outside of the political winds in Trenton.
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Chris Christie would rather play games and use poison pills in a veto than admit he has failed our members and give us a chance to do what he has proved he can’t do.
Thankfully he will no longer be Governor in 8 months and we look forward to moving this common sense proposal when his time in Trenton mercifully comes to an end.

Yet with this year’s conditional veto by a governor who was presumably bought and paid for by the unions the reaction bordered on ecstasy:

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Breaking News: Murphy Acts on S5

It is now up on the New Jersey legislature website* with nj.com reporting:

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