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Just a comment on how pension systems have the potential to bankrupt the system.
Dont let the facts get in the way of your flawed argument but the reality is that its political thieves like Christies friends and enemies who are destroying the pension system. The majority of pensioners that have 2 or more accounts in the system are political appointees who are collecting insane amount of money. The regular guy who has paid into the system for countless years is hardly the problem. Simple solutions are needed like... You can only collect one pension, you collect a pension or you work a public job not both like routinely happens for the politically connected, cap pensions at some sort of dollar amount 60K?,you remove non public employees off the pension system (league of municipalities employees).N.J. taxpayers fund pension benefits for non-government employees | NJ.com
Easy fixes but it hurts the big wigs and nobody who matters will make any changes to that.
Dont let the facts get in the way of your flawed argument but the reality is that its political thieves like Christies friends and enemies who are destroying the pension system. The majority of pensioners that have 2 or more accounts in the system are political appointees who are collecting insane amount of money. The regular guy who has paid into the system for countless years is hardly the problem. Simple solutions are needed like... You can only collect one pension, you collect a pension or you work a public job not both like routinely happens for the politically connected, cap pensions at some sort of dollar amount 60K?,you remove non public employees off the pension system (league of municipalities employees).N.J. taxpayers fund pension benefits for non-government employees | NJ.com
Easy fixes but it hurts the big wigs and nobody who matters will make any changes to that.
But you voted for these big wigs! I dont get it. The teachers union LOVED christie in 09 or whenever he eas elected. Now he makes a couple of bills that impact teachers and its like "oh hell no".
longer hours, more school in the summer. Can't wait for teachers to start demanding 100k salaries for 4th grade teachers.
Legal pension abuse has been a legacy in NJ with folks in the most obscure positions getting millions of dollars. Several cases pending. It would be nice to address these situations that had been set in motion decades ago and are now making NJ look lile that town in Cali where the mayor et al set themselves up with mega salries and pensions.
AND IT"S ALL LEGAL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!! so far... at leat most of it is. Thus the rep that NJ is a 'feeding trough'.
The everyday guy suffers because NJ has allowed this to continue through generations of administrations. Blame CC along with every previous gove and especially your buddies who are cheating the system..ask them to share.
"As of June 2004, the returns for the prior five–year period averaged 1.5 percent. Guess who is reaching into their pocket to make up the difference. I’ll bet you will be hard pressed to find “such a deal†for workers in other states"
"TRENTON — Gov. Chris Christie today signed an executive order creating a new investigative unit to uncover pension and disability benefits fraud perpetrated by ..."
"New Jersey local governments failed to remove hundreds of contractors such as lawyers and engineers from pension rolls, which may cost taxpayers millions of dollars a year in improper payouts, a state audit shows."
"Pensions and Benefit Abuses
1998"
"The Commission examined certain aspects of public employee pension and benefit programs and found abuse, manipulation and excessive expenditures that cost New Jersey taxpayers substantial sums of money every year. Questionable practices were detected in every region of the state, among municipalities, school districts, community colleges and independent authorities. Underlying the abuses, the Commission found a system lacking in adequate oversight and accountability and a loophole-ridden statutory framework that licenses potentially inappropriate conduct by public officials. In response, the State Division of Pension and Benefits launched a series of inquiries to determine the proper course of action, including pension adjustments and recovery of overpayments, in connection with each case detailed in the report. The Commission also called for a series of legislative and regulatory reforms."
"Governor Chris Christie today announced the creation of a “Pension Fraud and Abuse Unit†to function as a division of the state Treasury Department. Created by executive order, the Unit’s primary role will be to find fraud and enable legal action when it’s warranted."
In 2009!!!!!!!!!!
"The pension funds have a $30 billion unfunded liability because of golden benefits promised by politicians but not fully paid for. Without pension reform, there probably are going to be a lot of unhappy state retirees a few years down the road."
"A state comptroller's report has identified more than 200 part-time professionals employed by local governments - mostly municipal attorneys - continuing to illegally accrue time toward future state pensions, even after reforms that went into effect in 2008 had made them ineligible for such benefits. Those abusers were found spread across 57 of the 58 towns and school districts investigated.
There are more than 1,100 additional local government units in the state. If the percentage of pension cheats in those places is on par with what has already been found, violations will extend into the thousands - potentially costing taxpayers many millions of dollars."
New Jersey is one of the relics of modern pension planning in that bureaucrats run the states’ investment program instead of professional fund managers. In slightly more than two years, the state’s Division of Investment has lost nearly $18 billion in public pension funds, enough to run the state for eight months. Giving the department a fair shake, most managed funds have lost considerable money since 2000, but the losses in New Jersey have forced taxpayers to cough up $200 million in 2005 and $1.6 billion in 2006. In New Jersey, state, county and municipal employees contribute about 5 percent of their salary into the pension fund system, which in turn invests the money. The state’s fund consists of stocks, bonds and fixed income, cash and mortgages. What is really startling about the fund is that the taxpayers have to support the fund if a five-year average on returns falls below 8.25 percent per year. As of June 2004, the returns for the prior five–year period averaged 1.5 percent. Guess who is reaching into their pocket to make up the difference. I’ll bet you will be hard pressed to find “such a deal†for workers in other states"
Here is where your analogy is flawed. If you're sick of overpaying for a certain workers compensation for any private corporation, guess what? You are free to take your business elsewhere. My property taxes went up AGAIN. Guess what? I can't call my local town hall and tell them I want a new local municipal gov because these idiots cant run a township.
These pension plans are UNSUSTAINABLE. A house of cards, ponzi scheme. One day it will fail.
You're free to move to a different town, state, or country though.
I could criticize Christie for not funding the state's pension obligations, and this doesn't make it right, but what governor of NJ last funded it, fully? This is an accounting trick seemingly used every year by the sitting NJ governor to "balance" the state budget.
Just raise sales and property taxes and tolls to pay for all the indebtedness that the NJ voters placed upon themselves. I don't understand the constant whining. NJ voters overwhelming voted for the policies and programs that ran up this enormous pension funding liability. Why don't the voters that pushed forward these programs and policies just pay the bill?
I could criticize Christie for not funding the state's pension obligations, and this doesn't make it right, but what governor of NJ last funded it, fully? This is an accounting trick seemingly used every year by the sitting NJ governor to "balance" the state budget.
I *think* it was Florio. Whitman started the disaster.
I *think* it was Florio. Whitman started the disaster.
I believe that you are correct. Christine Todd (Toxic waste is good for you) Whitman's administration was the start of almost all of our current fiscal problems.
Interesting factoid--For all of his other faults (and they are both numerous and legendary), Jon Corzine did make a payment to the state's pension funds. It was only a partial payment, but he did make a payment of a few million $$, unlike many of those who preceded him, and...perhaps...all of those who followed him.
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NJ voters overwhelming voted for the policies and programs that ran up this enormous pension funding liability. Why don't the voters that pushed forward these programs and policies just pay the bill?
