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

[Eugene]

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

[yeoman6987]

1. Anyone in this country with a pension is screwed in the next decade or so

So frustrating that the states didn't put enough away to stop this. Repugs are using that as an excuse now.

[Ohioblue22]

2. Partisan court bails out crony. That should be the headline