Why Gov. Chris Christie’s big plan to shore up N.J. pensions is all wet

Explaining the folly of his plan to shuffle N.J. Lottery proceed into the state pension fund is no

Most peoples’ image of New Jersey Gov. Chris Christie these days is the Star-Ledger photo of him sunning himself on an empty public beach that he’d closed because of a budget dispute with the state legislature.

That arrogance is a hard act to match. But Christie’s getting there, by claiming to have greatly improved New Jersey’s financial condition by giving the proceeds from the Jersey Lottery to the state’s hard-pressed pension funds for 30 years.

Christie said the lottery deal, part of the state budget passed on July 4, will “provide an immediate reduction in the state’s long-term retiree obligations by $13.5 billion” and has increased the pension plans’ funding ratio to 59 percent from 45 percent.