NJ’s largest pension fund votes to sue Christie over budget plan
Taken from NJ.com – June 18, 2014
The board overseeing the largest public-employee pension fund in New Jersey today voted to sue Gov. Chris Christie over his plan to take $2.4 billion meant for the pension system over two years, acting in response to more than 10,000 letters submitted by public workers worried about the financial security of their retirement plans.
The Public Employees’ Retirement System voted 6-0 to hire private attorneys and “take all necessary and appropriate action to compel the governor” to make $3.8 billion in payments to the strained pension system over two years, instead of the $1.38 billion Christie is proposing amid a budget crisis.
With 280,000 active employees and 139,000 retirees as of 2013, PERS is by far the largest pension fund in New Jersey. The board is made up of financial managers representing Christie’s administration and unionized workers. Its decision to join the court battle against Christie is a sign of growing unrest among workers and retirees over the Republican governor’s budget plan.
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