UCCF 3/31/16: Local Pension Propaganda

Apparently the official June 30, 2015 actuarial reports are out with their phony numbers designed to mask, as much as is decently possible, the real situation and the sad part is that a lot of people will take the Milliman/Buck numbers seriously and make their decisions, to the extent they are allowed to make decisions, accordingly (ie. disastrously). A perfect example of how politicians believe what will allow them to spend the most and ignore reasoned warnings was played out tonight at the Union County freeholder meeting.

John Donnadio of the New Jersey Association of Counties (NJAC) came to “discuss their 2016 strategic goals and objectives” and one of those was to convince all who would listen that the local portions of the New Jersey retirement system are just fine, nothing to see here, move on, keep spending on things like your NJAC dues. It’s the state that has the problems but the counties and municipalities are fine:


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I tried to set them straight:
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But it didn’t take:
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Never mind that:

  1. there is only one fund and it is the actuaries who divide up what little is left among different categories of employees
  2. PFRS and PERS include both state and local employees
  3. if the local plans are in so much better shape then how come those retirees lost their COLAs (from 2011 until what might be the next few days) too?
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One response to this post.

  1. […] the March 31, 2016 freeholder meeting there was an absolutely bizarre misstatement of reality from chairperson Bruce Bergen claiming that while the pensions for state employees in New Jersey […]

    Reply

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