Pension Tension In New Jersey - New York News

Pension Tension In New Jersey

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Trenton, New Jersey (My9NJ) - In 2011, Governor Christie agreed to landmark pension reform which included raising the retirement age for state employees, increasing their contributions to pensions and healthcare, and to balance those sacrifices that they made, he agreed to make additional payments towards the state’s unfunded pension liabilities.

Well, just recently, the governor held a press conference where he announced that he could no longer meet his end of the bargain because of the $800 million budget deficit and announced he would be cutting his payments towards the pension funds to balance the budget which he is constitutionally required to do.

However, the unions are not sitting idly by as the governor goes back on his promise. In fact, state police troopers will be challenging this decision in court, and the New Jersey Teachers’ Pension Board will be consulting with the Attorney General’s office for advice about whether or not they should also take legal action against the governor.

NJ Now host Jim McQueeney chimed in to discuss whether or not this is a strategic move by the Governor that will actually help him move forward with greater union reform, or if this could damage his reputation even further as we approach 2016.

“Well one-half of the equation has kept their word, teachers for instance. They’ve contributed $8.5 billion into their own fund since 1996 to now basically, actually the number is 9 billion, and the state Democratic and Republican governors up to Christie have only put in 2 billion. It should be billions more,” he explained.

In the end, while there was an agreement made, the sad reality is that there isn’t enough money to make everyone happy.


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