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.
