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
Pension
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…
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…
Did Governor Christie Ever Have Any Intention of Keeping His Promise to Fully Fund the Pension System?
By Frank M. Crivelli on
As reported on NJ.Com, The State of New Jersey argued before a State Superior Court Judge today that Governor Chris Christie cannot be forced to make full pension payments because the 2011 law committing him to fully fund the state system in exchange for union concessions was unconstitutional.
Interrupting the assistant attorney general, Superior Court…
Will New Jersey’s Pension Fund Run Dry in Four Years?
By Frank M. Crivelli on
Posted in Retiree Benefits
As reported in NJ.COM, New Jersey’s unfunded public employee pension liabilities have soared to $83 billion, more than double previous estimates, as the state comes into compliance with new accounting rules, according to a report released today by Moody’s Investors Services, a Wall Street ratings agency.
Governor Chris Christie’s administration acknowledged the change in a…
Christie Retroactively Cuts Pension Payment
By Frank M. Crivelli on
Posted in Retiree Benefits
This is a very interesting article regarding how Governor Christie employed some "fuzzy math" to reduce the State’s legally mandated pension payment. NJSPOTLIGHT
OLS: Christie Cannot Invoke “State of Emergency” To Cut Pensions
By Donald C. Barbati on
Posted in Uncategorized
As reported by njspotlight.com, despite his threat to take “extreme measures” to control rising pension costs, Governor Chris Christie does not have the power to declare a fiscal “state of emergency” to make unilateral changes to the pension system, nor does New Jersey have the ability, like Detroit, to declare bankruptcy to get out from…
Christie Sets Up Investigatory Unit for Alleged Public Employee Pension Fraud
By Frank M. Crivelli on
Posted in Disability Retirement
As reported by NJ.com, on August 7, 2013, Governor Christie signed an executive order creating a new investigatory unit to uncover alleged pension fraud and disability fraud perpetrated by public employees across the State of New Jersey. The Governor’s Office stated that the new unit would work side by side with the Attorney General’s Office to…
NJ Judge Takes Pension Fight to NJ Supreme Court
By Donald C. Barbati on
Posted in Uncategorized
As reported by nj.com, the question of whether Governor Chris Christie and the Legislature can order judges to pay 9 percent more toward their pensions is headed to the New Jersey Supreme Court. The justices will hear arguments today in a case brought by Superior Court Judge Paul DePascale of Hudson County.
DePascale hopes …
State’s Failure To Make Full Pension Payments Hinders Fund
By Donald C. Barbati on
Posted in Uncategorized
As reported by nj.com, public pension funds may have gotten a much-needed boost from Governor Chris Christie’s landmark overhaul last year, but reports released show the funds continue to be hampered by the State’s failure to make full payments into the plans.
Christie and Democratic leaders joined together last year and shifted …