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Tue Mar 1, 2016, 02:10 PM

Supreme Court rejects NJ employees’ appeal over pension fund

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Source: Washington Post

The Supreme Court refused on Monday to disturb a ruling from New Jersey’s top court that sided with Gov. Chris Christie in a legal fight with public worker unions over pension funds.

The justices did not comment in rejecting the unions’ appeal. The high court order came less than three weeks after Christie ended his run for the Republican presidential nomination.

New Jersey’s Supreme Court ruled last year that the state is obligated to pay individual retirees their pensions, but it overturned a lower court ruling that would have forced the state to come up with billions to pay promised pension benefits. New Jersey’s pension fund has nearly $75 billion in unfunded liabilities, stemming from underpayment by previous governors, both Democratic and Republican.

....
The state ruling last year allowed Christie to propose making a roughly $1.9 billion payment to the pension fund in his 2017 fiscal year budget, well below the roughly $3.8 billion payment he and the Legislature agreed to in 2011 legislation.

Read more: https://www.washingtonpost.com/politics/courts_law/supreme-court-rejects-nj-employees-appeal-over-pension-fund/2016/02/29/c33ec8ea-def2-11e5-8c00-8aa03741dced_story.html

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Replies to this discussion thread
Arrow 8 replies Author Time Post
Reply Supreme Court rejects NJ employees’ appeal over pension fund (Original post)
Calista241 Mar 2016 OP
Gidney N Cloyd Mar 2016 #1
potone Mar 2016 #2
psychmommy Mar 2016 #4
Gidney N Cloyd Mar 2016 #5
psychmommy Mar 2016 #6
Gidney N Cloyd Mar 2016 #7
Jitter65 Mar 2016 #3
BooScout Mar 2016 #8

Response to Calista241 (Original post)

Tue Mar 1, 2016, 02:19 PM

1. The state's obligated to pay the pensions to retirees but it doesn't have to come up with the money?

Is that poor reporting or am I missing something that would reconcile those two points?

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Response to Gidney N Cloyd (Reply #1)

Tue Mar 1, 2016, 02:22 PM

2. I don't think that is it.

If I have this right, he has to pay current pensions, but does not have to fully fund future ones. Perhaps someone from New Jersey can clarify this.

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Response to potone (Reply #2)

Tue Mar 1, 2016, 03:22 PM

4. correct

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Response to psychmommy (Reply #4)

Tue Mar 1, 2016, 03:34 PM

5. Ah, the state needn't "come up with billions to pay promised pension benefits" for FUTURE retirees.

If you're already retired, you're covered (or at least until the state finds another loophole). But if you've merely been paying into the system for, say, 30-40 years, and haven't retired just quite yet then, well, sucks to be you.

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Response to Gidney N Cloyd (Reply #5)

Tue Mar 1, 2016, 03:40 PM

6. sucks to be me lol

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Response to psychmommy (Reply #6)

Tue Mar 1, 2016, 03:49 PM

7. Oh, no! I hate to hear that!

We've had our own notable pension wars in Illinois for several years now but the courts have come down on the workers' side. Public opinion on the matter has also largely swung our way after a lot of early vicious AstroTurfing by certain groups. Now it's really a matter of finally straightening out the tax situation here. I'm a lot more optimistic about my looming retirement than I was a few months ago.

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Response to Calista241 (Original post)

Tue Mar 1, 2016, 02:35 PM

3. Whatever it means, it means the pensioners get screwed. nt

 

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Response to Calista241 (Original post)

Tue Mar 1, 2016, 03:57 PM

8. Locking...

News stories must have been published within the last 12 hours.

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