Posts Tagged ‘jersey’

Pension Aspect of Bridgegate Scandal

The Christie Bridgegate scandal is fascinating for not only revealing the indifference the political class really has for the general public but, in this case, how certain operatives would actively work to damage a segment of that public to whatever degree as long as some level of political gain could be expected.

Obamacare was not intended to be a fiasco.  It was intended to enrich insurance and pharmaceutical companies who would kick back campaign contributions with their excess profits.  The Obama administration did not set out to inconvenience/oppress the public however inevitable that outcome would be considering the level of ignorance/bias the drafters possessed.  The reprisals against the other Hudson County mayor on the Christie enemies list are more in keeping with this nature of governmental dysfunction and they involve pensions.

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Tradition of New Jersey governors padding their own pensions

Pity the actuary who has to value the true cost of New Jersey’s defined benefit pension promises when these three spiking games are considered:

Here is the back-story on the first example presented in the video:

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NJTA Meeting This Thursday – Pension Reform in New Jersey

The New Jersey Taxpayers Association (NJTA) Board of Trustees proudly presents Pension
Actuary and NJTA board member John Bury to discuss Pension Reform in New Jersey,
followed by Q&A.  Bring your questions.


Where: Morris County Public Library, 30 East Hanover Road, Whippany, NJ

When: Thursday, December 6th, 2012, 7pm to 8:30pm

Note – The NJTA board of trustees will meet for a board meeting from 7pm to 7:30pm.
All members of the NJTA are invited to attend.

Free Admission: There is no fee for this event; however seating is limited to the
first 80 participants.

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Judges paying for their pensions: a question for interpretation

I will be voting on November 6 but not for any person since the electoral process for individuals has devolved into a quagmire of obfuscation that allows for no reasoned discourse.  However in New Jersey there are two ballot questions (laid out here in English, Spanish, and conveniently Chinese – I think).

Number 1 is straight-forward.  Politicians want to build more school buildings to repay all those lawyers and contractors who fund their campaigns.  No conflict for me here.

Number 2 is about judges in New Jersey being forced to pay more for their health and pension benefits which is supposed to win easy approval but I’m not so sure it should. Continue reading

GASB Vote Today – What it means for tomorrow

This afternoon we will get new reporting standards for public pension plans as the Government Accounting Standards Board (GASB) votes on rules that would be effective in 2015.  From the summaries of the proposed changes that I’ve read here are two reasons why nothing will change much and one reason why the situation may get far worse.

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Advice to NJ unions

The end of your pension is near unless the PBA, NJEA, PERS find some qualified (outside) lawyers.  Posting on forum today

I tend to agree except for one word.

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Nitwit Blubber Oddman Tweak

Can any Harry Potter or Albus Doubledore fans out there explain to me why UMDNJ Chair Dr. Kevin Barry would have uttered those four words to start off his keynote speech at today’s UMDNJ graduation ceremony at the IZOD center?

The only clues I have are that immediately after he uttered those words he read a brief pro-forma congratulatory letter from Governor Christie and then repeated those four words directly after Christies’s letter and again as he finished his speech.

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Christie’s Pension Whoppers

In what might be a record, Reggie Miller once hit consecutive threes against the Knicks in the space of a few seconds:


It wasn’t that Reggie Miller hadn’t ever hit two shots consecutively. It was the rapidity and deftness of execution combined with the game situation that astounded.

So it was today when Governor Christie talked pensions in his budget address:

Politicians lie all the time but rarely have two whoppers been shot off so quickly with so little time left.

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Beyond the Plateau

According to this chart the New Jersey state pension plans had $67 billion in assets in 1998 and, after a few  peaks and troughs, they still have $67 billion in assets now.  So what’s the problem?

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If you need another reason to despise public pension actuaries

Check out what they let New Jersey politicians get away with this time.

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