Posts Tagged ‘njta’

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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Christie punted on real public pension reform in NJ – and so did Sweeney

I moderated a Q&A at the general membership meeting of the New Jersey Taxpayers’ Association last night regarding pension reforms needed in New Jersey focusing on the deceptions to which the current system is susceptible.  It lasted an hour and rather than posting the whole thing (which none of us are going to sit through when it’s only a one-shot of me) I will excerpt points made.

First up is Neil Coleman, NJTA trustee and legislative liaison, speaking about a meeting he and a group of outside pension experts had with Christie administration people when pension reforms were being hatched:

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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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Pledge for fairer pension system in New Jersey

Yesterday the Board of the New Jersey Taxpayers Association voted unanimously to seek the following pledge from New Jersey legislators, our membership, and the general public:



        WHEREAS New Jersey taxpayers cannot afford the exorbitant and nontransparent costs of maintaining benefits promised to public employees under the current Defined Benefit Plan structure sponsored by the state;  and

WHEREAS public employees are not guaranteed these benefits, as witnessed by the recent elimination of promised cost-of-living-adjustments on pensions; and

WHEREAS the New Jersey Taxpayers Association deems this action necessary and prudent;

NOW THEREFORE I pledge to support a fairer pension system for all public workers and taxpayers, beginning with the termination of the New Jersey State Defined Benefit Plans.

___________________          ____________

Signature                                 Date

___________________          ________________________

Print Name                              Office/Position

Please return to NJTA via:

Fax: (973)-783-0858 Or Mail: PO Box 78, Landing, NJ 07850

Our one-page proposal and rationale that will accompany this pledge (which I would invite you to sign onto) follows:

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Terminate the New Jersey Defined Benefit Plans

I attended a board meeting of the New Jersey Taxpayers Association yesterday and when asked for suggestions on initiatives that’s what I proposed.

  1. Freeze all benefit accruals as of June 30, 2012
  2. Employee contributions would go into a 401(k) plan or taken as salary
  3. Current shortfalls would be made up with taxes over some amortization period (as is being done now).

My arguments:

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