Governor Christie Appoints Non-political Group Of Experts To Pension And Health Benefits Commission
Press Release
Following through on his commitment to move forward with serious solutions for New Jersey's entitlement crisis, Governor Chris Christie today named nine highly experienced and specialized members of a non-partisan commission with the charge to think big and develop bold reform recommendations. The commission will evaluate how the state can create an affordable and sustainable retirement and health benefits system for New Jersey taxpayers, retirees and current and future public employees.
"This commission's work cannot be about politics, it must be about the cold hard facts which is why I have not appointed politicians to this group," said Governor Christie. "It's time to think out of the box and be prepared to abandon the sacred cows that have long been off limits in reforming our entitlement programs to make them permanently affordable and sustainable. Only by bringing together such a non-partisan group -- none of whom are impeded by special interests -- can we truthfully assess the problem, its roots and its potential remedies. I thank each of them for their willingness to lend their experience and valuable time to the Commission."
The group of nine, with remarkable credentials and experience among them, come from the fields of actuarial sciences, law, accounting, public and private finance, including pensions and health benefits, as well as public service. They are from both political parties or are unaffiliated. Above all, they are respected professionals in their respective fields and disciplines.
The members of the New Jersey Pension and Health Benefit Study Commission are:
-Thomas J. Healey, CFA, Partner, Healey Development LLC, former Asst. Sec. of the US Treasury for Domestic Finances under President Reagan. Mr. Healey will coordinate the work of the Study Commission.
-Tom Byrne, managing member and founder of Byrne Asset Management; vice chairman of the New Jersey State Investment Council
-Raymond Chambers, philanthropist, UN Special Envoy for Financing the Health Millennium Development Goals, founding chairman of the NJ Performing Arts Center
-Leonard W. Davis, CFO, SCS Commodities Corporation, manager of private equity, technology, and natural resource companies
-Carl Hess, Managing Director of The Americas for Towers Watson and former Managing Director of Towers Watson Investment business
-Dr. Ethan Kra, Ph.D., Ethan E. Kra Actuarial Services, specializing in analyzing economic and accounting implications of financing strategies and vehicles for employee and executive benefits
-Ken Kunzman, Partner, Connell Foley, co-Counsel since 1978 of the Pension and Welfare Funds for Locals 472 and 172 Heavy and General Laborers Fund of New Jersey
-Larry Sher, October Three Consulting, Partner, consulting actuary and member of the senior leadership team for a full service, actuarial, consulting and technology firm that is a leading force behind the reemergence of defined benefit plans across the country
-Margaret Berger, Mercer, consulting actuary and Principal for the Retirement Practice of a global consulting leader in talent, health, retirement, and investments, with specific expertise in defined benefit plans, nonqualified plans and retiree medical and life insurance plans
The announcement comes shortly after Governor Christie created the "New Jersey Pension and Health Benefit Study Commission" via Executive Order 161. The commission members are tasked with, among other things, examining the history of the state's pension and health benefits systems and causes of the current crisis; the work already undertaken by the Treasury Department to devise reform options; reforms in other states and benefits in the private sector; and any and all other relevant factors to assist in developing recommendations for serious, long-lasting reform of the broken entitlements system in New Jersey.
Even with the far-reaching, historic reforms of 2011 - plus the responsible management of the current benefits systems under Governor Christie - the rising costs and unfunded liability rooted in nearly 20 years or irresponsibility from prior governors and legislatures continues to threaten New Jersey's ability to fund priorities and the state's long-term fiscal health. Further reform to address the cost crisis of unfunded entitlement liabilities is essential.
"I intend to break the cycle of failing to act, failing to even acknowledge the problem, burden and consequences of our unfunded liabilities and entitlements," Governor Christie said. "I am determined to do whatever I can to stop leaving it to the next governor, the next legislature and the next generation of taxpayers in New Jersey."
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