To the Editor
The NJ Pension System is in a spiral with many of our Governors, including this one, borrowing monies and then not fully replacing the monies taking. It began with Governor Whitman, and her deal, but all after her are culpable. We know from a S&P report that short, the proposed budget leaves the state in a similar financial condition where it started this year, with as noted by S&P , with slim, but adequate reserves, and some vulnerability to potential revenue shortfalls.
Come on, without out a doubt there will be difficulties, and in and around 2027, the fiscal system will collapse. Teachers, police and fireman, despite their request to oversee and run their plan, and state and municipal workers will all be up the proverbial creek without a paddle. Currently, NJ plans to only partially fund it actuarial determined contributions (ADC), which has resulted in a credit rating of A-, with a note that problems will indeed get worse for the workers, and the citizens of the state.
As I look, I see no meaningful plan in place with the governor and legislature giving thumbs up on a budget for the system in a partial manner, and the governor, a believer in Ponzi schemes, has proposed taking money from the State Lottery System. Am I wrong that the lottery system had other funding roles? This is what got into this mess again starting with Whitman, continuing with a friend named Florio, and everyone up to Christie in the Governor’s office!.
The proposed budget for 2018 on the pension will leave NJ with a sizable structural budget gap of 9%, and things will heat up faster. Look, get these Candidates for Governor to come up with a White or Yellow paper of their plans. We cannot go with Ponzi schemes that leave us in the dust. By the way the request of police and fire persons via their unions was once the deal for all workers covered by the pensions, but our governor brought hedge fund people into our systems!
Bill Weightman, Hardyston,