hypocritexposer said:
Chris Christie on pension and benefits reform in NJ?
a 49 yr. old State retiree paid $124, 000 into the pension fund and it will end up being a $3.3 Million, plus $500, 000 for Health Care payout.
Wow!
"Workers of the World Unite"
but that does not account for the amount his employer was supposed to pay in to fund the state pension plan...
over the years.. many "political appointees" have benefited from the plan at the expense of the actual state employees.. and the last four governors have underfunded the pension payments..
add in a slew of handouts,.. and stupid investment plans and the fund is in dire trouble..
and while I support his efforts so far.. Christie is in to deep, and he is not telling how the last four Governors underfunded the State's portion of the obligation.. (while the employee met his contractual obligation).. only to have a stupid investment scandal wipe out any gains..
(the state fund managers sold bonds..at +7.6% (borrowed money) and invested the money with a return of 6% (for net loss on borrowed money!)
in other words ... don't blame the employee for a serious combination of management's screw up...