Posted on 04/16/2007 12:15:00 PM PDT by george76
State senators from both political parties said at a hearing on Wednesday that they had been shocked to learn that they had voted again and again in recent years for measures that had left the state pension in great distress, and they faulted the state treasury for failing to explain to them the risks of what they were doing.
“I had no idea we were in the company of some of the same corporations that I have condemned for not funding their pensions,” said Senator Shirley K. Turner, a Democrat from Mercer County. “And now, it seems, we’re in the same boat, and sinking.”
The hearing, by the Senate Budget and Appropriations Committee, was called in response to a report in The New York Times last week that described how New Jersey has diverted hundreds of millions of dollars that should have gone into its pension fund, using unorthodox steps authorized by governors from both parties over a number of years.
In response to The Times article, Gov. Jon S. Corzine of New Jersey has said that the state will change certain accounting procedures. He has also asked the state attorney general to investigate, with outside actuarial help, whether tax requirements, securities laws or other rules have been violated.
The attorney general, Stuart Rabner, will have to walk a careful line in such an inquiry, however. He is currently representing the State of New Jersey in lawsuits, filed by several employee groups, that accuse the state of failing to fund workers’ pensions lawfully. In those cases he is arguing that the state has acted legally.
(Excerpt) Read more at nytimes.com ...
hehehe
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“State senators from both political parties”. Covering the dims by the nyt.
“Just because the attorney general says it’s qualified does not mean it meets the requirements of the Internal Revenue Code,” said Andy Zuckerman, director of employee plans, rulings and agreements at the I.R.S.
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New Jersey may need the help of Burkle and friends to sort this pension fund mess out ?
/s
I'm shocked! Just shocked to see that there's gambling here!
What NJ taxpayers and their elected representatives should be SHOCKED about is that NJ state-government-financed pension funding supplies state-government-financed pension benefits higher than the retirement benefits that the average NJ citizen-worker will ever see in their lifetime.
The word 'pension' should become synonymous with Ponzi, Pyramid and Scheme. Persions are an outdated socialist concept and should be entirely removed from public companies, government entities and anywhere else they exist. In every case they are proposed, there is an inherent (and sometimes inevitable) risk that taxpayers will incur the unfunded liability. Even workers are better off with a 401K than a pnesion because they can out-earn the pension AND there is no chance it can be taken away from them or 'un-promised' to them.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
the politicians need someone else to blame. If not the state treasury, it will be anyone but themselves.
Corzine is right in the middle of this.Tricks he learned while at Goldman Sacs
bingo. Legistators in NJ or Washington should have enough time to read bills and should do so. Sounds like both parties pilfered money from the pension funds for other uses to the sound of ‘I didn’t know’.
This reminds me of what some of the politicians were saying about the Patriot Act...about voting for it without taking the time to read it.
“And now, it seems, we’re in the same boat, and sinking.”
Could be a line from a country song.
I didn’t believe I was lying, thieving scum,
Till momma dropped a can of Ajax on me.
And now, it seems,
we’re in the same boat, and sinking.
No problem, just call Billy Jeff Clinton in to handle any pension shortage like he did in Arkrazy decades ago. His ChiCom friends still have big pockets.
Burkle, Billy Jeff Clintoon and Jake Reno would be glad to help out with NJ’s pension fund.
Burkle and friends have helped lots of other government pension funds...and helped themselves even more.
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