Here’s Who Is Being Blamed For New Jeresey’s Government Bond Rating Downgrade

Moody’s Investors Service downgraded New Jersey state government’s bond rating (only Illinois and California have lower ratings now) and Assembly Majority Leader Joseph Cryan (D-Union) has a scapegoat, someone who “must learn that failing to fund pension contributions…… ha(s) consequences”.  It’s not him.

On the bottom of page 7 of 45 of the 2010 actuarial report for the State Police Retirement System are these footnotes:

* Assets include a fiscal year 2011 receivable contribution of $0 instead of the $103,745,281 contribution recommended for the July 1, 2009 valuation (potential effect of the Appropriation Act for fiscal year 2011).
** Chapter 1, P.L. 2010 allows the State to make a contribution for fiscal year 2012 equal to 1/7th of the  recommended contribution. The contribution could be subject to change per the requirements of the State’s fiscal year 2012 spending plan.
# The recommended contribution could be subject to reduction in accordance with the provisions of the Appropriation Act for fiscal year 2011.

Hypocrisy, schmypocisy!