Gov. Christie Retroactively Cuts State Pension Payment

While swirling in the fire of his own creation, Governor Christie took a few minutes out to underfund public pensions more than they already are.
Gov. Christie Retroactively Cuts State Pension Payment

Via NJSpotlight:

Facing another year of fiscal problems, Gov. Chris Christie changed the funding formula for the state’s pension contribution so that he could cancel $93.7 million in previously budgeted pension payments due in June, cut next year’s pension bill by $150 million, and put $900 million less into the underfunded pension system by the end of his term.

Christie’s decision to change the pension calculation formula will further add to New Jersey’s $51 billion unfunded pension liability -- which was one of the main reasons Fitch’s Ratings cited last Friday when it followed Moody’s and Standard & P...

Continue reading...


About karoli

karoli's picture
Card-carrying member of we, the people.

Comments

We welcome relevant, respectful comments. Please refer to our Terms of Service for information on our posting policy.