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This is how I feel. Its really not fair to those who have the pensions as COLA was promised, but it is necessary and apparently legal given the 6-1 ruling.
With COLA not coming back until the funds are 80% funded, the state has a big bargaining chip. There should be another deal worked out to hopefully fix this mess once and for all.
There should be another deal worked out to hopefully fix this mess once and for all.
Unfortunately that's the problem. The employees have and always held up their end of the problem but the current administration and prior ones all the way back to Whitman do what they want to and don't hold up their end. Govt. pensions and Social security the employees have the money taken out automatically from the checks.
"Raise unlimited funds"?????? No the governor has limited municipal budgets increases to 2% if I recall. Any funds raised by debt is voted on either by elected officials or a public question on the general election ballots. The COLA raises were NEGOTIATED by either elected officials or people appointed by elected officials. Generally in a negotiation there is give and take, maybe a raise, day off, or other benefit is given up for some other benefit, either immediate or in the future. An example was the NEGOTIATIONS Gov. Christie made to increase state employees increased contributions to pensions and healthcare benefits with a promise the Gov would increase funding for the pension funds. We see how well that worked out.
Unfortunately that's the problem. The employees have and always held up their end of the problem but the current administration and prior ones all the way back to Whitman do what they want to and don't hold up their end. Govt. pensions and Social security the employees have the money taken out automatically from the checks.
The current scenario is what matters, not what happened 20+ years ago and can not be changed. What you say is true, but ultimately does not matter.
The underfunded pension liability has been a known issue for many years and was inevitably going to come to a head sooner or later. It's not really their responsibility , but the public workers should have insisted that the state adequately fund what they were responsible for when negotiating . Can't sit there and watch a slow motion train wreck for 20+ years and expect nothing to ever come of it.
The current scenario is what matters, not what happened 20+ years ago and can not be changed. What you say is true, but ultimately does not matter.
The underfunded pension liability has been a known issue for many years and was inevitably going to come to a head sooner or later. It's not really their responsibility , but the public workers should have insisted that the state adequately fund what they were responsible for when negotiating . Can't sit there and watch a slow motion train wreck for 20+ years and expect nothing to ever come of it.
It did come to a head in 2011, and supposedly a fix was "negotiated", then Christie reneged his end. It seems like a Machiavellian plot to "screw" working people out of their pensions.
We/they thought this in the well publicized bill signing and changes in 2011. My guess is all these govt.(state and feds) sponsored pension plans will come tumbling down at some point. They're only interested in their own hide at the current time. Look at the current election cycle, the candidates would give away their firstborn to get elected. Having govt. handling money is like having a crack head guarding your cocaine.
We/they thought this in the well publicized bill signing and changes in 2011. My guess is all these govt.(state and feds) sponsored pension plans will come tumbling down at some point. They're only interested in their own hide at the current time. Look at the current election cycle, the candidates would give away their firstborn to get elected. Having govt. handling money is like having a crack head guarding your cocaine.
I think with this ruling the pension system in NJ is now viable. There just needs to be an iron clad constitutional amendment mandating the state pay its share. Perhaps Ain't exchange a deal can be worked out to switch newly hired employees to a hybrid model where they have a less valuable pension, but also offer a 401k with a generous match.
I think it's workable as is, the public workers just need to make sure they fully protect themselves and hold the government accountable to what they say they are gonna do
I think with this ruling the pension system in NJ is now viable. There just needs to be an iron clad constitutional amendment mandating the state pay its share. Perhaps Ain't exchange a deal can be worked out to switch newly hired employees to a hybrid model where they have a less valuable pension, but also offer a 401k with a generous match.
I think it's workable as is, the public workers just need to make sure they fully protect themselves and hold the government accountable to what they say they are gonna do
In a sense the current pension is like a 401k with a match, only the State hasn't kicked in their side of the match. What makes you think they'd "match" a 401k? They'd claim a budget shortfall again and say they'll make it up later. Like they've been doing since Whitman was in office.
seems the issue is with the irresponsible, short sighted and untrustworthy legislators that made the deals with the unions.
Sympathy for those workers screwed by the union leaders and legislators.
Local iron workers union pulled health coverage from its members....but not to worry, union leaders were covered by state and national union.
the vagaries of the economy have made long term financial promises nothing more than a scam.
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There should be another deal worked out to hopefully fix this mess once and for all.
