Sunday, March 18, 2007

Say Goodbye to Your State Pension in New Jersey!

Large Deficit is Seen in New Jersey Pension Fund," The New York Times, March 16, 2007, at p. B1.
Tina Kelley, "Faculty Members Queried About State Senator's Work Record," The New York Times, March 16, 2007, at p. B2.
Mary Williams Walsh & David W. Chen, "Big Deficit Seen in New Jersey Pension Fund," The New York Times, March 16, 2007, at p. B3.

"A prominent member of the council that oversees investments by New Jersey's pension funds said yesterday that the state has been vastly underestimating how much money it should have to pay for retirement benefits that have been promised to employees."

"The council member, Douglas A. Love, said a more realistic calculation would show a $56 BILLION deficit -- more than three times as much as the $18 billion included in the state's most recent bond offering statement."

I wonder why that is? Shenanigans? Happy St. Patrick's day! I bet Debbie's getting her pension.

These are the people who want to "manage" the cash-generating assets of the Garden State because they have done such a great job with the pension fund. People in Trenton would like an opportunity to steal billions more from additional sources of revenue. Anybody have a problem with that? Yes, the feds have a problem with that. Thank goodness.

If you happen to be a New Jersey cop or teacher, then you are in for a little surprise when you retire. The response to what I say here will be for one of the "connected" imbeciles to hack into my computer in order to alter the spelling of a word in my essay or block my profile image feature. My security system was attacked today. I am still coping with many problems.

"... 'The unfunded liability'" -- that means the pensions the state will be responsible for that there's no money to pay -- "'is measured in several ways already, and all of the ways result in a profoundly large number,' Mr. Vincz said. 'Whether it's $24 billion or $34 billion or $54 billion -- whatever the number is, it's large, and it's something the administration is working to address on all fronts in both a short-term and long-term way.' ..."

Guess who's been putting in applications for several pensions from this mysteriously shrinking fund? Politicians. Crooked politicians. This is another way of saying "New Jersey Politicians." And how did New Jersey get into this mess anyway? Nobody knows nothing.

"The 440 members of the faculty at the Camden campus of Rutgers University received e-mail messages this week from an associate provost asking about the activities of State Senator Wayne R. Bryant, the embattled legislator who collected up to $35,000 a year for four years to lecture but who records say hardly did so."

$35,000 for two lectures over four years, allegedly -- and he may not have given those two -- ain't bad. All of this and disappearing billions thanks to the chumps who pay taxes in New Jersey. That's you, boys and girls. The OAE thought Wayne was the "cat's meow" during all those years that he has been a member of the bar in the Garden State. What happened to charges for "unearned fees"? Oh, that's only for the "little people." Of course. No questioning of Wayne while he's in a drug-induced hypnotic state? No way. Why not? It may be for his own good. That sort of torture is reserved for persons who are not politically influential, right Terry? Yep. "We can learn from ya."

"How, the hell are ya?!" -- asks Senator Richard J. Codey. No wonder he went back to the Senate. Codey knew that the roof was going to cave in on New Jersey's finances, thanks to his buddy, "good old Jim McGreevey," and Codey was going to get out while the getting was good. Guess what? The roof just caved in. Maybe that's why I am having problems getting into my msn account. An "error" was inserted and corrected in this paragraph since my previous review, which makes me feel right at home. ("More Mafia Figures Arrested in New Jersey" and "New Jersey Court Clerk Charged in Bribery Case.")

"Rutgers eliminated the position held by Mr. Bryant last June, but not before it helped increase his pension. In January, Mr. Bryant applied for his $83,000-a-year pension from the state. [This is only one of several pensions that he will probably receive.] Subpoenas from the United States attorney's office have requested copies of his pension application and New Jersey Department of the Treasury documents regarding his work at the medical school."

"Ethics? Nah, whatta-ya, kidding? This is Jersey. Badda-bing, badda-boom. He-he ..."

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