November 24, 2008
Contact: Andy Pratt / (609) 292-5199Senator Anthony R. Bucco (R-25), Senator Kevin J. O'Toole (R-40), Senator Philip E. Haines (R-8), Senator Steve Oroho (R-24)
Senators Kevin O’Toole, Anthony Bucco, Steven Oroho and Phil Haines, all members of the Senate Budget and Appropriations Committee, asked why Orin Kramer, the chairman of the State Investment Council, did not appear at today’s budget committee hearing to discuss the unprecedented $23 billion loss in New Jersey pension investments.
“The agenda said that Investment Council Chairman Orin Kramer had been invited to appear,” said Senator Bucco. “The hearing ended without the benefit of his testimony. When the state has one-year losses approaching the magnitude of the entire state budget, the investment council chairman should be there to reassure the people and their elected representatives.”
“The pension deficit will have an impact on tax bills and state programs for decades to come,” Senator O’Toole said. “Every person who will play a role in solving this crisis needs to step up and be heard. At a time like this, it is unconscionable that the head of the council that oversees state pensions didn’t appear, and that no reasonable explanation for his absence, if there is one, was provided.”
“Democrat leaders tell us that Kramer’s appearance was put on the agenda by mistake,” Senator Haines said. “Mistakes in agendas should be corrected long before the meeting starts. When losses are so enormous and the economic times so uncertain, the chairman of a council that oversees the investments should be there to testify.”
“William Clark, head of the Division of Investment, gave an excellent presentation on the state’s investment strategy and performance, but the investment council is ultimately responsible for pension performance,” Senator Oroho said. “This weekend, we read in the papers that the state’s growing pension deficit is driving up the cost of state borrowings. The pension deficit will add billions of dollars to our tax bills. Workers, retirees and taxpayers deserve to hear the council chairman explain what he and the council are doing to provide the best possible oversight of the remaining $57 billion in pension investments.”
The senators jointly urged Committee Chairwoman Barbara Buono to call another hearing at the earliest possible opportunity and again invite Chairman Kramer to testify. The state needs to hear the council’s plan for the future, from the members of the council. They urged Governor Corzine to intervene directly to ensure that Kramer appears.
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