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Category Archives: Public Employment Pension Crisis

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Christie Tells State Pension Fund Trustee’s That They Have No Authority to Request an Audit

Posted in Public Employment Labor Law, Public Employment Pension Crisis, Retiree Benefits
As reported by Samantha Marcus of NJ.Com, The Trustees of one of New Jersey’s largest government employee pension funds say they have been told by Gov. Chris Christie’s administration that they have no authority to request an audit of their fund’s investments, valued at about $80 billion. Tom Bruno, chairman of the board of trustees… Continue Reading

New Jersey’s Credit Rating May Fall Yet Again Based on the Outcome of The COLA Pension Suit

Posted in Public Employment Labor Law, Public Employment Pension Crisis, Retiree Benefits
In accordance with an article published on NJ.Com this past week, New Jersey’s low-end credit rating could fall again if the state Supreme Court rules that retired public workers are entitled to yearly increases (COLA) in their pensions, according to Moody’s Investors Service. A lawsuit challenging one of Governor Christie’s pension-reform laws is pending at… Continue Reading

Sweeney Wants Federal Loan Program To Rescue Public Worker Pensions

Posted in Public Employment Pension Crisis
As reported by NJ.com, State Senate President Stephen Sweeney said the answer to New Jersey’s rising public employee pension debt lies in creating a trillion dollar federal loan program that will help states avoid insolvency, spare millions of government workers from economic devastation and take the pressure off state budgets.  The government aid program, which… Continue Reading

NJ Pension Funds to Investigate the Payment of Exorbitant Management Fees

Posted in Public Employment Pension Crisis
As reported in NJ.Com, The Boards of Trustees of New Jersey’s largest pension funds plan to launch a probe into how the state awards fees incurred in managing pension fund investments.  The Public Employees Retirement System Board of Trustees voted to conduct a forensic audit of the fund’s expenses, following a similar vote by the… Continue Reading

CWA Director Welcomes Supreme Court Hearing On Pension And Benefit Payment

Posted in Public Employment Pension Crisis
As reported by Politickernj.com, after the New Jersey Supreme Court announced it would hear a case from Governor Chris Christie’s administration over the State’s decision to cut $1.6 billion from this year’s slated payment for the public pension and benefit, it drew a somewhat muted reaction from one union leader who has vocally opposed the… Continue Reading

NJ Supreme Court Agrees To Hear Pension Payment Case

Posted in Public Employment Pension Crisis
As reported by NJ.com, the New Jersey Supreme Court agreed to decide whether Governor Chris Christie broke the law when he slashed $1.6 billion from this year’s payment into the public worker pension system.  Christie’s administration, which had previously indicated it would file in the Appellate Division, last week asked the Supreme Court to relax… Continue Reading

NJ Treasurer: Making Full Pension Payment Would Have ‘Incredible’ Impact On Residents

Posted in Public Employment Pension Crisis
As reported by NJ.com, Governor Chris Christie’s treasurer said that the administration has reached out to lawmakers to comply with a judge’s order to work together to restore $1.6 billion to this year’s pension payment, but stressed that actually doing that would mean lots of budget pain for New Jersey residents.  A State Superior Court… Continue Reading

Lawmakers Take Aim At Christie Corporate Tax Breaks, Revenue Shortfalls

Posted in Public Employment Pension Crisis
To follow up on of one our previous posts, NJ.com has reported that the New Jersey Assembly passed several bills yesterday to combat the revenue shortfalls plaguing the State’s finances and scrutinize corporate tax breaks.  The legislation would force the Governor to collaborate on revenue forecasts and plan for shortfalls, clearly identify any new source… Continue Reading

Lawmakers Push Budget Reforms Year After Shortfall Prompted Christie To Slash Pensions

Posted in Public Employment Pension Crisis
As reported by NJ.com, after tax collections came up short last spring and plunged Governor Chris Christie’s state budget into chaos, lawmakers say bug changes are needed on how the State prepares a spending plan and shares information about it to the public.  Sponsor Gary Schaer (D-Passaic), chairman of the Assembly Budget Committee that approved… Continue Reading

Memphis’s Pension Crisis is Now a Public Safety Crisis–Will New Jersey Repeat the River City’s Mistakes?

Posted in Public Employment Labor Law, Public Employment Pension Crisis, Retiree Benefits
Yesterday, I received an email from one of our readers, Ed Mecka, from Hoboken, New Jersey, who turned me on to an article regarding the pension crisis that is taking place in Memphis, Tennessee.  The crisis in Memphis has caught the national media’s attention, and an article was printed in the Wall Street Journal a… Continue Reading
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