To: The New Jersey State House, The New Jersey State Senate, and Governor Phil Murphy
Save New Jersey's Pension System
Governor Christie, the New Jersey Senate and House, public institutions, public employees, and citizens: Please adopt an accounting change that will save the state an estimated $2.5 billion annually, and apply that to a loan to fully fund the pension deficit and restore the states credit rating with no net cost to public employees no direct cost to public institutions and no increase in state taxes.
Why is this important?
Governor Christie and his predecessors which include the New Jersey House and Senate have brought about the worst pension crisis in New Jersey history and the very real possibility that public employees will lose part or all of their benefits due to their inability to work together to come to a solution.
By adopting an accounting change that will save the state an estimated $2.5 billion annually the state can secure a loan to fully fund the pension with no net cost to employees, no direct cost to public institutions, and no increase in taxes and allow pension fund to be saved. This will allow the state to improve it's credit rating and save the most important asset public employees rely on in retirement.
Public employees and tax paying citizens should all join in to force the state government and public institutions to adopt the accounting change in order to save the pension system to avoid the inevitable short term kick the can down the road fix that has led to the current pension crisis. Otherwise, there's a possibility that the fix will come at the expense of everyday taxpayers who are not responsible for their governments inability to solve the pension crisis.
Without the $2.5 billion annual accounting change savings, taxpayers will be asked at some point to come to the rescue of the pension system thru higher taxes and public employees will be asked to increase their contributions and give up a big percentage of their benefits, all because the state and public institutions cannot ask for more revenue to put into the system without raising taxes.
By adopting an accounting change that will save the state an estimated $2.5 billion annually the state can secure a loan to fully fund the pension with no net cost to employees, no direct cost to public institutions, and no increase in taxes and allow pension fund to be saved. This will allow the state to improve it's credit rating and save the most important asset public employees rely on in retirement.
Public employees and tax paying citizens should all join in to force the state government and public institutions to adopt the accounting change in order to save the pension system to avoid the inevitable short term kick the can down the road fix that has led to the current pension crisis. Otherwise, there's a possibility that the fix will come at the expense of everyday taxpayers who are not responsible for their governments inability to solve the pension crisis.
Without the $2.5 billion annual accounting change savings, taxpayers will be asked at some point to come to the rescue of the pension system thru higher taxes and public employees will be asked to increase their contributions and give up a big percentage of their benefits, all because the state and public institutions cannot ask for more revenue to put into the system without raising taxes.