28 07, 2015

3 Pension Funds Sue New Jersey for Billions in Damages

2015-07-28T22:53:40-07:00July 28th, 2015|Categories: Pension Funding|Tags: , |

Three public workers’ pension funds are suing New Jersey for billions in damages, claiming the state government breached contracts when it contributed less than planned. The filing Friday is the latest volley in a more than yearlong dispute over pension contributions. They stem from Gov. Chris Christie’s decision last year amid a budget shortfall to veer from a pension funding plan he signed into law in 2011. […]

11 06, 2015

New Jersey’s Top Court Rules Christie Can Skip Pension Payments

2015-06-11T20:21:42-07:00June 11th, 2015|Categories: Pension Funding|Tags: , , |

New Jersey’s highest court ruled on Tuesday that Gov. Chris Christie could skip the pension payments he promised to make in the signature law of his tenure, averting a huge fiscal crisis just weeks before the state closes its books for the year. While the 5-to-2 decision by the Supreme Court of New Jersey handed Mr. Christie a victory, it also underscored how much his fortunes have changed as he takes steps to run for president. Mr. Christie rose [...]

21 05, 2015

No money left in this year’s budget to restore pension cut, N.J. officials say

2015-05-21T21:45:52-07:00May 21st, 2015|Categories: Pension Funding|Tags: , , |

In a rare moment of agreement, analysts for Governor Christie and the Legislature’s independent budget office said Tuesday that no matter how the state Supreme Court rules in a dispute over funding New Jersey’s pension system, there is no more money left this year to restore more than $1 billion that Christie cut from a payment to the retirement plans. Using his veto powers at the start of the fiscal year, Christie  reduced a $2.25 billion payment to $681 [...]

4 03, 2015

Could Christie’s pension changes trigger ‘mass exodus?’

2015-03-04T01:07:09-08:00March 4th, 2015|Categories: Pension Reform|Tags: , , , , |

The head of New Jersey’s League of Municipalities is warning that Gov. Chris Christie’s proposed changes to the public worker pension and health care systems could “inspire the mass exodus” of public employees. Those reforms would freeze the current pension system and move employees onto a hybrid defined-benefit, 401(k)-like defined-contribution plan. Among other changes, the proposal would also reduce their health care coverage and require them to pay hire premiums.  […]

25 02, 2015

Christie pension commission recommends plan for huge savings, fewer benefits

2015-02-25T18:27:53-08:00February 25th, 2015|Categories: Pension Reform|Tags: , |

Gov. Chris Christie’s high-powered pension commission has proposed a sweeping plan that would save the state billions in retirement and health care costs while reducing benefits for hundreds of thousands of public workers. The commission says New Jersey needs to drastically change its pension and health plans. Christie’s budget address will launch the complex proposal, which he’ll hold up as the answer to a $37 billion unfunded pension liability — which balloons to $83 billion under new accounting rules — and [...]

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