640px-New_Jersey_State_House

Top New Jersey Lawmaker Calls for Tax on Millionaires to Help Fund Pensions

A New Jersey court ruled last month that the state acted illegally in cutting its pension contributions over the last two years. As a result, the state will need to pay its full contribution in 2015 – which means New Jersey will need to come up with about $1.6 billion that hasn’t yet been budgeted for. In lawmakers’ search for new streams of ...
ChrisChristie2

13 Unions to Sue New Jersey Over Reduced Pension Payments

A judge ruled late last month that New Jersey Gov. Chris Christie acted outside the law when he cut state pension contributions by around $2 billion through FY 2015. But the state will appeal the decision, and the full payments weren’t included in Christie’s recent budget proposal. As a result, more than a dozen unions said this week that they ...
6924223634_74e709f616_o

Union Leaders React to Christie Reform Proposals

Last week, New Jersey Gov. Chris Christie unveiled a series of pension proposals that include freezing the current pension system for active employees and shifting them into a hybrid cash balance plan. Throughout the week, union leaders publicly expressed their thoughts on the proposals. Public safety unions weighed in, from NJ.com: Patrick Colligan, ...
ChrisChristie2

Moody’s: New Jersey Pension Ruling A “Credit Negative” For State

A New Jersey Superior Court judge ruled this week that Chris Christie acted outside the law when he cut the state’s pension contributions $2.4 billion over two years. That means, pending appeal, the state will be making its full contribution in 2015 – a development that hasn’t yet been budgeted for. So while the ruling was good news for the state’s ...
4773510477_f3dfbac81f_z

New Jersey Bill, Now on Christie’s Desk, Would Expand Pay-to-Play Rules for Pension Investments

With all the drama surrounding New Jersey Gov. Chris Christie’s latest round of pension changes, one big pension-related development has been overlooked: on Monday, state lawmakers approved a bill that would expand pay-to-play rules as they relate to pension investments. The bill, which would increase transparency around fees paid to private investment ...
640px-New_Jersey_State_House

New Jersey Lawmakers Warn of “Devastating” Budget Cuts in Wake of Court Pension Decision

A New Jersey Superior Court judge ruled this week that the state acted illegally when it cut its contribution to the state pension system in 2014. If the state’s appeal of the ruling fails, it will have to come up with an additional $1.57 billion in 2015 in order to make its full payment to the pension system. That money isn’t yet budgeted for ...
Chris_Christie_at_townhall

Christie Budget Will Contain Pension Cuts; Full Payment Not Yet Figured In Despite Court Ruling

New Jersey Gov. Chris Christie will give his budget address on Tuesday afternoon, and details are already leaking about what it will contain. The governor’s office says that the budget will contain numerous pension proposals, including some that cut benefits for public workers. Christie will also announce that he will begin negotiating pension changes ...
117048243_7cc6bb0b87_z

Court: New Jersey Must Make Full Contribution to Pension System

A New Jersey Superior Court judge on Monday ruled that Gov. Chris Christie acted outside the law when he cut state pension contributions by more than $2 billion through fiscal year 2015. Through FY 2015, the state’s scheduled pension contribution was $3.85 billion; but in an effort to divert funds to the general budget, Christie cut the pension payment ...
Chris_Christie_at_townhall

Former NJ Official: Christie Used Misdirection on Pension Payments in State of State Address

During his State of the State address last month, New Jersey Gov. Chris Christie made a few remarks defending himself against accusations of short-changing the state’s pension system. He claimed that he had contributed more to the pension system than any governor in New Jersey history. That’s not a false statement. But it also doesn’t tell the ...
640px-New_Jersey_State_House

Judge in New Jersey Pension Trial Calls State Pension Contributions a “False Promise”

The judge presiding over the legal battle between New Jersey and its public workers said last week that the state’s 2011 pension reform law was a “false promise”. The law required the state to contribute a set amount of money annually to the pension system. But Christie slashed those payments last year. The judge, Mary Jacobson, wondered why ...
Privacy Policy | © 2019 Pension360 and © 2014 Policy Data Institute | Site Admin · Entries RSS ·