As reported by NJ.com, Governor Phil Murphy’s administration is rolling back a change to New Jersey’s public worker pension system that Chris Christie slipped in during the waning days of his administration that raised government contributions by more than $800 million. The acting State Treasurer, Elizabeth Muoio, said Christie’s surprise reduction in assumed rate
As reported by NJ.com, Governor Christie said his last budget proposal that will be revealed later this month will include a pension payment that meets the promised contribution schedule. To this end, Christie said the payment will be a $650 million increase over last. At that time, Christie proposed a $1.86 billion payment to
As reported by NJ.com, lawmakers voted overwhelmingly to send Governor Chris Christie a bill that will require the State to make quarterly payments to New Jersey’s ailing public worker system. The proposal, which cleared the Senate by a 35-0 vote and the Assembly 72-0, is a reworked version of similar legislation Christie twice vetoed.
As reported by NJ.com, Senate President Stephen Sweeney rejected calling for a crucial vote Monday on a referendum asking voters to constitutionally guarantee state payments into the government worker pension fund, killing its chances of appearing on the November ballot and disappointing public labor unions. The likelihood that Sweeney, once the prime champion of
As reported by NJ.com, Senate leaders have spent weeks trying to build a supermajority to override Governor Chris Christie’s opposition to a Transportation Trust Fund tax package, a plan that also holds the fate of a voter referendum on public worker pensions. And for the last week, they’ve said they’re within a vote or
As reported by NJ.com, Moody’s Investors Service again sent up a warning flare that a possible New Jersey Supreme Court ruling striking down cuts to public retirees’ pension benefits would soak the struggling retirement system with new pension liabilities. But in its latest report released on the “extraordinary decisions and challenges” the Garden State
As reported by NJ.com, State Senate President Stephen Sweeney and labor leaders defended Sweeney’s proposal to constitutionally enforce payments into the public pension system against arguments it’s a gift to special interests that will shackle New Jersey’s finances. The scrap between Sweeney and labor leaders versus Senate Minority Leader Tom Kean, Jr. and business
As reported by NJ.com, a referendum to amend the New Jersey Constitution to require the State to make contributions to public worker pensions cleared the State Assembly Judiciary Committee on Thursday during a discussion that drew sharp criticism from a Republican lawmaker.
Assemblywoman Holly Schepisi (R-Bergen) faulted Democrats for pushing the legislation through without
As reported by NJ.com, State Senate President Stephen Sweeney introduced legislation that would cement state officials’ promises to fund government workers’ pensions in the New Jersey constitution. Such a constitutional amendment requiring the State to make payments into the public retirement fund was expected to be the next step after the State Supreme Court
As reported by NJ.com, nearly 10 percent more government workers retired in the first seven months of the year than in the same period last year, a rise some labor leaders say is a response to Governor Chris Christie’s overtures toward cutting benefits. More than 13,000 public employees retired through July, compared with fewer