Members of Trenton’s police and fire departments say that something fishy has been going on with their personal contributions into the state pension system.
Personnel who have inquired with pension officials have determined that their contributions haven’t been making it into the system at all, with some pension entries showing a complete lack of contributions going back nearly a full year.
Such a length of time puts this phenomenon out of the scope of Gov. Jon S. Corzine’s pension deferral program, in which Trenton is participating, meaning that city officials have some serious explaining to do.
Where exactly has this money been going?
Perhaps it has been going into the city’s depleted general fund, and from there, into the pockets of Mayor Douglas H. Palmer, city department directors, and other high-ranking city officials in the form of the shady pay raises they were unwittingly given last year by a City Council full of mayoral candidates who look increasingly unfit for higher office.
Maybe it has been going into the repaving the streets or other city programs that need revenue to make up for the years of fiscal mismanagement Trenton has suffered at the hands of our 20-year mayor and many of our entrenched city officials.
Whatever the case may be, city officials owe the police and firemen both money and a good explanation as to why the city government would misplace workers’ personal pension contributions to the point that some are more than a year delinquent on contributions.
Where is the money, Dougie?
1 Comment
May 7, 2009 at 1:51 pm
Well, one place the cash might be going is debt service. As we all know, the City has been counting on closing the Water Works sale and use $12 Million of the proceeds for debt service for the current year’s budget, as well as next years.
Meanwhile, we are 10 1/2 months into the fiscal year and presumably have been paying 10 1/2 months of debt service. That’s around $10 Million, if the payments are evenly spread throughout the year.
How have those payments been floated in advance of the TWW closing? If we listen to Trenton’s Bravest and Finest, we may have our clue.