Especially here in New Jersey, it appears to be time to take on the issue of “Government Pensions”. Pity the poor taxpayer, they may not have a pension, but the politicians and bureaucrat certainly have the best possible pensions at our collective expense.
First, the politicians and bureaucrats work the system to maximize the amount they steal. Pure and simple, it’s theft. We have trial going on of a NJ Political Powerbroker Legislator where he collected ‘no show’ jobs to pad his pension. Of course, the pension administrators say basically “nothing wrong with that!” What a fraud on the people.
Take note that gooferment pensions allow “retirement” after 20 or 30 years; as opposed to the 30-40 years one USED to find in private industry.
I have to laugh because: (1) Not only had NJ not made its proper contribution in many years. (Wonder why the Feds haven’t brought it before a Grand Jury? If a private business did this, the executives would be in jail. Guess the big gang in dc has a reciprocity agreement with the gang in Trenton?) (2) The Guv has decided to “raid” the pensions to “invest” in community banks. (This was humorous because whoever had the “fiduciary” duty to manage these funds was screwed. They should be worried only about protecting the pensioners; not making the Guv look good!)
There is no guaranty that these gooferment pensions won’t be “reformed” in the future.
The gooferment made the assertion that to compete for the talent in the marketplace they needed to offer pensions. Now that industry has left pensions for other programs, they don’t want to follow that trend.
We need to force the gooferment to convert pensions to 401k!
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