June 9.2016
the staff of the Ridgewood blog
Ridgewood NJ , The New Jersey Supreme Court has delivered a victory to Gov. Chris Christie and has ruled the state does not owe public pensioners cost-of-living payments suspended under a 2011 law.
In a 6-1 ruling and a major legal victory for Gov. Chris Christie’s administration, which warned that restoring the annual increases would hurl a pension system already underfunded by $59 billion closer to insolvency.
The state Supreme Court upheld a landmark 2011 law freezing cost-of-living adjustments for retired government workers, a decision effecting pensions paid to 800,000 current and former public employees.
One word, GOOD.
6-1
Now it’s time to diminish the current benefits which are still unsustainable because people are living longer. Allowing people to draw a lifetime, defined benefit pension for more years than they actually worked makes no sense. Asking taxpayers to subsidize “platinum” health benefit plans – and the 40% ACA excise tax on those plans from 2020 – for public sector workers and “special” retirees also makes no sense when private sector employer plans are usually equivalent to “bronze”. It’s time to diminish the benefits. #taxedtodeath
It is about time the absurdity of this. Agree with 3:05 about making huge changes. Public union salaries are no longer below that of private sector workers yet they get unbelievable benefits and still complain!
Oink oink piggy unions just got educated… Again. The gravy train is unsustainable. Time to cut your unsustainable benefits.