As Christie's pension commission meets, Democrat suggests a new idea

[unhappycamper]

http://www.nj.com/politics/index.ssf/2014/09/while_christies_pension_commission_meets_democratic_lawmaker_puts_forward_a_new_idea.html#incart_river_politics



An Assemblyman from south Jersey is considering introducing a bill that would put forward a new idea on pensions

As Christie's pension commission meets, Democrat suggests a new idea
By Matt Friedman | The Star-Ledger
on September 04, 2014 at 3:56 PM, updated September 05, 2014 at 7:03 AM

NEWARK — While state Senate President Stephen Sweeney has vowed to oppose any effort by Gov. Chris Christie to fundamentally change New Jersey’s pension system, a Democratic assemblyman from south Jersey has quietly floated a proposal to do just that.

State Assemblyman Troy Singleton (D-Burlington) last week sent some public union leaders a draft of a bill he’s considering introducing that would keep the current pension system in place for those already enrolled in it, but shift new public workers to a “collective defined contribution retirement program” — a sort of mix between a traditional pension plan and a 401(k).

“It may be something we don't introduce, but it may be something we do in a different form. But I'd like to start some dialogue in where our pension system goes in the next step for our pension system,” Singleton said in a phone interview "The only thing I would tell you is it's still a work in progress.”

The idea did not get a warm reception from the public worker labor unions, even though Singleton himself comes from the private side of organized labor, as an official in the Northeast Regional Council of Carpenters.

--

401(k) = Wall Street Casino