Christie's Pension Plan Won't Work?! I'm So Shocked...
Well, duh:
A new report from a Wall Street rating agency warns that Gov. Chris Christie's seemingly dormant plan to overhaul government worker pension and health benefits to save the state billions of dollars could come at a risk to school districts if Christie's proposed reforms don't play out as envisioned.
Moody's also raised questions about the plan as proposed, saying it doesn't explain how reduced health costs for municipalities will be used to balance out new expenses for school districts picking up the tab for teachers' retirements.
What anyone with half a brain knew when they read the plan was that if there were all these savings to be had with no costs to localities, chances are someone would have found them - See more at: http://jerseyjazzman.blogspot.com/2015/10/christies-pension-plan-wont-work-im-so.html#sthash.zr8yz49c.dpufThat proposal, devised by a special pension commission and unveiled in February, would freeze the existing pension plan and shift workers onto less generous retirement and health care plans. While the state, which pays for school employees pension and health benefits, would continue to pay for the current system's existing debts, school districts would have to assume the costs of the new system and retirees' health care. [emphasis mine]
