New Jersey Pension Asset Values Plummet under Corzine

Bllomberg gives us some bad news:

New Jersey’s pension assets fell 19 percent during the fiscal year that ended June 30, the board overseeing the funds said.

The decline in asset value, to $63 billion on June 30 from $78.2 billion a year earlier, adds stress to a retirement account that was underfunded by about $34 billion at the start of the fiscal year. The fund covers about $6 billion in benefit payments each year.

“Tough year,” William Clark, director of the Division of Investment, told members of the State Investment Council today.

Jon Corzine promised to fund the New Jersey pension programs, but politics and a refusal to make real spending cuts, especially when these cuts affected the unions or his political cronies in patronage jobs caused him to lie and shortchange the pension funds.

Also, his Wall Street training caused him to place pension funds in questionable investments which lost millions, and made his Wall Street banker friends a ton of money.

Maybe it is time to force public employees to buy into 401 k programs like the private sector!

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