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
Public Employment Pension Crisis
CWA Director Welcomes Supreme Court Hearing On Pension And Benefit Payment
By Donald C. Barbati on
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…
NJ Supreme Court Agrees To Hear Pension Payment Case
By Donald C. Barbati on
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…
NJ Treasurer: Making Full Pension Payment Would Have ‘Incredible’ Impact On Residents
By Donald C. Barbati on
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…
Lawmakers Take Aim At Christie Corporate Tax Breaks, Revenue Shortfalls
By Donald C. Barbati on
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…
Judge Sets May Hearing In NJ Battle Over 2016 Pension Payment
By Donald C. Barbati on
Posted in Public Employment Pension Crisis
As reported by NJ.com, Governor Chris Christie and New Jersey’s public employee unions will be back in Court in May in a dispute over the Governor’s planned payment into the State pension system next year. More than a dozen unions have sued the Governor to force him to more than double the $1.3 billion…
Lawmakers Push Budget Reforms Year After Shortfall Prompted Christie To Slash Pensions
By Donald C. Barbati on
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…
Memphis’s Pension Crisis is Now a Public Safety Crisis–Will New Jersey Repeat the River City’s Mistakes?
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…