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Stephen Sweeney[/caption] This page has repeatedly editorialized about the insolvency of New Jersey’s public pension system, reported last year by Bloomberg to be the worst funded in the country. The Pension and Benefit Study Commission appointed by the outgoing governor has recommended finding the money to fill the gap by cutting back employee health coverage while freezing the current defined benefit system and shifting employees to a 401(k)-type cash balance plan that puts the risk of investment performance on them instead of the state. Pension reform is going to be a heavy political lift for the incoming governor. In a state where turnout in a gubernatorial election is just about 2 million votes, the U.S. Census says that there are more than 400,000 state and local government employees, many of whom have spouses. On top of that are retirees. That’s an immense, well-organized interest group, found in every legislative district, all deeply concerned to hold on to what they have. Getting their cooperation isn’t going to be easy. The current pension shenanigans in the lame duck session of the Legislature won’t make it any easier. Back in 2007, a small measure of pension reform was enacted. Under it, elected officials who changed jobs left the Public Employee Retirement System for a less certain, less lucrative 401(k) type plan. Now a bill to allow some of those elected officials to rejoin PERS is rocketing through the Legislature. Introduced last week by Senator Sweeney, the bill has already cleared one house and is passing through the other without debate. Both the outgoing and incoming governors have been conspicuously silent about it when questioned. As far as can be determined by the Office of Legislative Services, S-3620/A-5322 will benefit only a small number of well-connected elected office holders. Compared to the iceberg that the pension system is eventually going to hit, its financial impact is negligible---hardly more than the frost on a champagne glass. But it sends the worst possible message to the great mass of teachers, first responders and office workers who depend on public pensions for their retirement. It tells them that while they will be asked to make sacrifices, the right people will be ushered into the lifeboats by their friends. We think a veto would send the right message, and we see no good reason why our lame duck governor shouldn’t provide one.