N.J. pension funds to sue Christie over $2.4B money grab

[herding cats]

Source: NJ.com

TRENTON — Trustees of New Jersey’s largest pension funds said they will file a lawsuit today against Gov. Chris Christie for slashing $2.4 billion in pension fund payments he promised to pay as part of a 2011 pension reform deal.

The lawsuit will ask the courts to force Christie to restore the cuts. The board overseeing the Public Employees Retirement System — the largest employee pension fund — voted in June to sue Christie.

“We are saying that money is due to the fund,” Tom Bruno, chairman of that fund said today. “It’s not something we relish doing, but frankly it’s got to be done.”

“We have a fiduciary responsibility, and that is to protect the fund, as well as to collect the monies that are due to the fund,” Bruno said.

Read more: http://www.nj.com/politics/index.ssf/2014/12/nj_pension_funds_sue_christie_over_pension_grab.html

[Omaha Steve]

1. First K&R!

Thanks for posting!

[hollysmom]

2. They should sue Christie Whitman as well.

she took money out of the fund to balance her budget because it was a bull market and she decided it was over funded. I can't believe how underfunded every single governor, democrat or republican allowed this fund to become just to cut taxes.

[cstanleytech]

3. I can especially if the goal is to bankrupt the funds in order to do away with pensions altogether.

[bklyncowgirl]

5. They see it as a slush fund.

All that money, just sitting there, begging to be used. Add to that the venal nature of New Jersey politicians that is a recipe for disaster.

[okaawhatever]

4. K & R nt