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
pension reform
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…
Senator Sweeney is Correct–Christie Should Concentrate on Growing the State’s Economy as NJ’s Tax Revenue Recovery is One of The Poorest in The Nation
On March 11, 2015, we posted a blog wherein Senator Sweeney stated that Governor Christie needed to change his tactics at the bargaining table regarding pension reform and if he instead concentrated on “growing” New Jersey’s economy, additional tax revenue would be created that would result in more money to fund the Public Employees’…
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…
Christie Taking Pension Appeal To Appellate Division
By Donald C. Barbati on
Posted in Retiree Benefits
As reported by NJ.com, Governor Chris Christie’s administration has filed a formal notice that it will appeal a Court ruling that it broke the law by slashing this year’s payment into New Jersey’s public worker pension system. A State Superior Court Judge sided with public unions who sued Governor Christie to force him to…
Senator Sweeney Calls Christie’s Labor Negotiations Tactics into Question
As reported on the website, the New Jersey Politicker, Senator Sweeney recently questioned the labor negotiating tactics of New Jersey Governor Chris Christie. Sweeney went on the record stating “When you hear [Governor Chris Christie] focusing on pension reforms and benefit costs, it got the attention of a lot of people nationally. But the reality…
NJ Trooper Unions Sue Christie Over Shortchanged Pension Payment In Proposed Budget
By Donald C. Barbati on
Posted in Public Employment Labor Law, Retiree Benefits
As reported by NJ.com, a group of unions representing New Jersey State Troopers are the first to sue Governor Chris Christie to force him to make a larger payment to the State’s public-worker pension system in his latest state budget proposal. Christie’s proposed budget, which covers the fiscal year that begins in July, includes a…
Police and Fire Benevolent Associations File Lawsuits To Mandate Funding
By Donald C. Barbati on
Posted in Public Employment Labor Law, Retiree Benefits
As reported by Politckernj.com, in the aftermath of Governor Chris Christie’s budget address, the leaders of the State’s Police and Fire Benevolent Associations announced their decision to file separate lawsuits aimed at making the Governor comply with the full funding of the public pensions. Below, reprinted in its entirety, is a statement of explanation the…
NJ League of Municipalities Warns that Christie’s Proposed Pension Reform Could Disenfranchise Workers and Trigger a Mass Exodus of Local Employees
As reported in NJ.Com, the New Jersey League of Municipalities stopped short of taking an official position on Gov. Chris Christie’s proposed pension reforms but stated the proposed changes could disenfranchise workers and trigger a mass exodus of local workers. Executive Director Bill Dressel shared the league’s concerns in a letter to the governor…
Moody’s Downgrades New Jersey’s Credit Rating as a Result of Christie’s Illegal Pension Blunder
As reported in NJ.Com, Judge Jacobson’s ruling this week that public worker pension contributions are contractually protected will constrict the state’s ability to balance its budget in the future, Moody’s, a Wall Street rating agency, said today. The flexibility of the state’s pension payment has been “a tool essential” to balancing the budget, Moody’s Investors…