Tag: New Jersey
Governor Christie is to be commended for allocating $2.25 billion of his FY 2015 budget to New Jersey’s state-administered pension funds. He is indeed correct that this amount – while far short of the actuarially required contribution – is large for New Jersey. But the governor is misguided in his conclusion that further benefit cuts…
The perception is that public employees have much greater protections with respect to their defined benefit plans than their private sector counterparts. While the Employee Retirement Income Security Act (ERISA) of 1974 – the governing law in the private sector – protects benefits earned to date, state laws or constitutions prevent public plan sponsors from…
