Sweeney wants federal loan program to rescue public worker pensions
Senate President Steve Sweeney. file photo by Art Gallagher
TRENTON — State Senate President Stephen Sweeney said Wednesday the answer to New Jersey’s rising public employee pension debt lies in creating a trillion dollar federal loan program that will help states avoid insolvency, spare millions of government workers from economic devastation and take the pressure off state budgets. The government aid program — which Sweeney…
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“The simple fact is that we have a system where an NJEA member retiring in just a few years contributes just $126,000 to their pension and health benefit costs over 30 years”
Does this also include the local employer’s contribution to the pension system on behalf of the employee? If not, then that is a very misleading statement.
Donnie DiFrancesco, who replaced Gov Whitman, gave all public employees a pass on contributions – which was just plain wrong.
Both Democrats and Republicans have failed the taxpayers and public employees.
What is more galling, is that Gov Christie signed a law increasing the pension system payments by public employees and requiring the state to finally increase its contributions. But, when he was supposed to increase the state’s contributions, he reneged and challenged the constitutionality of the law.
If he thought the law was bad, why didn’t he veto it instead of signing the law?
Sorry Governor, that was very wrong on your part and shows a complete lack of responsible leadership. President? Never!
So the Federal Governmment that is 18 Trillion dollars in debt is going to loan additional billions to shore up a States irresponsible management of pension funds?
Makes perfect sense to a Democrat