New Jersey's top court to rule in high-stakes public pension case

[Judi Lynn]

Source: Reuters

New Jersey's top court to rule in high-stakes public pension case
By Hilary Russ

June 8, 2016

(Reuters) - The New Jersey Supreme Court is expected to decide on Thursday whether the state's 2011 public pension reform improperly froze retirees' cost-of-living increases, a ruling that could cost the state billions of dollars.

Governor Chris Christie's administration suspended the so-called COLA payments, which are tied to inflation, as part of bi-partisan reforms aimed at curtailing the ballooning cost of public pensions.

Retired prosecutors challenged the provision, saying they have a contractual right to the adjustments, just as they do to their base pension payments.

If the retirees prevail, New Jersey's already underfunded pension system could be hit with another $17.5 billion of liabilities, according to The Record, a Bergen County newspaper, which cited a court filing.


Read more: https://www.yahoo.com/news/jerseys-top-court-rule-high-stakes-public-pension-194408740--sector.html?nhp=1

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[Midnight Writer]

1. Notice several references to how much this will cost the state; not one word about retirees

[laserhaas]

2. The math sucks...too

Cola ..in just the state..costing 17 ...BILLION

WTF

[Sherman A1]

3. Precisely

The pension recipients seem to not be too much of a factor in the reporting or in the decision to withhold the COLA's. I am happy they sued, I hope they win and I hope they get every dime that they are owed, plus interest and penalties. It is long past the time where pensioners should be subject to the whims of politicians. That money should have been set aside, allowed to grow and never ever been touched for anything beyond the pension plan.

[Hoppy]

4. I am a pensioner with the N.J. public employees retirement fund.

June is not even half over. Already, two N.J. Republican legislators have proposed different plans to solve N.J. financial problems. Both propose cuts to the public employees health benefit plans.

Fuck them.

Yours truly,

Hoppy

[Eugene]

5. New Jersey top court sides with state in high-stakes pension case

Source: Reuters

World | Thu Jun 9, 2016 2:53pm EDT

New Jersey top court sides with state in high-stakes pension case

BY HILARY RUSS

The New Jersey Supreme Court ruled on Thursday that retired public employees do not have a contractual right to receive increasing cost-of-living adjustments, a decision that is expected to save the state billions of dollars.

Governor Chris Christie's administration suspended the COLA payments, which are tied to inflation, as part of reforms in 2011 aimed at curtailing the ballooning cost of public pensions.

Despite running a heavily Democratic state, Christie, a former Republican presidential candidate who is now stumping for presumptive nominee Donald Trump, has notched several victories against the public sector, beginning with his ability to garner bipartisan support for the pension reforms.

He was even allowed to go back on promises he made in those same reforms when, in 2014, he slashed the state's pension contributions, saying a surprise revenue gap left him no choice. The state Supreme Court vindicated that move last year.

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Read more: http://www.reuters.com/article/us-new-jersey-pensions-lawsuit-idUSKCN0YV1NF