Posted on 08/03/2010 12:41:07 PM PDT by blog.Eyeblast.tv
Well it has been a little while since I’ve written about New Jersey’s conservative governor Chis Christie. Thankfully State House Steps has given me a new, and darn good, reason to write about the sexiest man alive… you know, politically speaking. That reason? State pension reform.
How about dropping that bomb right before he goes on vacation? This is hilarious. I mean think about it… liberals have been dying for Christie to go on vacation and give them a break for a while and right as he’s about the head out the door… BOOM:
Just before leaving for a two week vacation, Governor Chris Christie was asked about reforming the state’s public employee pension system. He was asked if the situation with the underfunded pension system is irreparable. He said, “Irreparable is a pretty big word. I don’t know about irreparable, but we better act this fall.”
“Is is safe to say that we have tens and tens of billions of dollars in unfunded liability in the pension program and that it continues to increase,” explained Christie. “We have tens of billions of dollars. You don’t know where exactly to place it. It depends on the day and what return on investments you assume.”
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There are plenty of people in NJ who retired in the 70s who are still drawing full pensions and benefits.
ping
I’m not sure your statement is correct. You would be able to retire at age 43 with 25 years of service but I don’t believe it’s with full benefits. I think you have to be 55 to get full pension.
I could definitely be wrong, but I believe that is a relatively recent rule that was implemented when they did away with double-dipping.
“There are plenty of people in NJ who retired in the 70s who are still drawing full pensions and benefits.”
Yes, it was good while it lasted. Too bad they all moved to Florida and pooped in my next!
next = nest
Which explains a couple of cases I know about.
Maybe someone will pipe in with a solid answer but either way, we can agree it’s ridiculous!
Your talking about the Law Enforcement Unions. They can retire after 20 years of service at 65% of their last years total income, inclusive of as much overtime they can scoff up in that final year. Often, these people remarkably are never sick during that entire period as they cover for each other on shifts. In many cases, their sick time pay is not capped. After 20 years of law enforcement service, they go into another pension system and later collect from that. Even now, legislators in Trenton continue to introduce bills to create more benefits for law enforcement. Finally, law enforcement unions in New Jersey get what’s called “binding arbitration”. When they go into negotiations with local jurisdictions and, invariably, the thugs in the PBA and FOP are tolled they can’t get the extorionate salaries and benefits they want, the arbitrator is called in, selected by the PBA or FOP from a state list, he/she listens to the arguments on both sides, then goes with the PBA or FOP generally.
When you conosider the average cop in Jersey is making around $100,000 a year or better after 20 years, the cost of their retirement PLUS replacement is enormous.
Yet for some peculiar reason, politicians seem very reluctant to dealw ith this gorilla in the living room and that includes Christie.
The Teachers are another story. They have to be at least 55 to retire, I believe. My main gripe with them is tenure, the fact that they get a 2 1/2 month vacation, and the poor quality of their product. America spends more on education than any country on earth per pupil. New Jersey spends more per pupil than any state in the Union, and so more per pupil than anywhere on earth, and yet the average performance of New Jersey Students in national tests is medicore at best. And American students perform poorly compared with students from places like the Phillipines and Singapore. Soemthing is wrong. Plus the NJEA and many teachers are far left-wing radicals who are more in the business of propagandizing than educating. Their pension and health benefits are VERY generous, as are their salaries.
The average other civil service worker in New Jersey probably makes about $45,000.00 or so. They work until 55 or so and their pensions and benefits are the least of the three. The main problem with them is there are so many of them and they man the various buearocracies and agencies which provide us with the regulations, taxes and controls we can most probably do better without.
Its a complex and aggrevating problem created by years of irresponsible legislation generated by state representatives and officials.
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