Judge Upholds NJ Pension-Revision Law

Wednesday, 30 May 2012 11:41 AM

By Greg McDonald

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
A New Jersey judge has upheld a crucial part of Gov. Chris Christie’s pension-revision law that would deny some 800,000 retired state public employees cost-of-living adjustments for at least the next 27 years or thereabouts.
 
The ruling by Superior Court Judge Douglas Hurd affects all current and future retirees enrolled in state-funded pensions systems, including judges, teachers, police, and firefighters, according to the Newark Star-Ledger.
 
Unions representing state workers served notice immediately they plan to appeal the decision, which backs the law enacted last June denying cost-of-living adjustments until pensions funds are stable again.
 
That’s not expected to be the case until at least 2040, the Star Ledger reported Wednesday.
 
In his ruling, Hurd said state employees do have statutory guarantee of no reductions in their benefits. But he added that the guarantee does not require the state to pay them cost-of- living adjustments.
 
David Fox, an attorney representing several state employee unions, said the decision hits older retirees a lot harder because they retired with less income than most workers make today and have depended on the adjustments to keep them afloat.
 
“The salaries they were making way back then were a lot lower,” he said.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Rep. Blackburn: DEA Official Accused Me of 'Supporting Criminals'

Wednesday, 01 Oct 2014 16:56 PM

Rep. Marsha Blackburn says a Drug Enforcement Administration official accused her and a colleague of supporting crimina . . .

White House Intruder Pleads Not Guilty

Wednesday, 01 Oct 2014 16:27 PM

A knife-carrying U.S. Army veteran who jumped a fence and ran into the White House, triggering a ferocious debate about  . . .

GMO Products Remain Source of Controversy, Heated Debate

Wednesday, 01 Oct 2014 15:39 PM

On Sept. 17, the Department of Agriculture granted an OK to use genetically modified corn and soybean seeds that are res . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved