Judge upholds suspension of pension increases for N.J. public employees

Star Ledger ^ | May 29, 2012 | By MaryAnn Spoto

[SMGFan]

TRENTON — In a victory for Gov. Chris Christie’s pension revisions, a Superior Court judge has ruled that about 800,000 retired public employees are not entitled to increases based on the cost of living.

The ruling by Superior Court Judge Douglas Hurd in Mercer County affects all current and future retirees in pension systems funded by the state, including state workers and judges as well as local police, firefighters and teachers.

The pension law the governor signed last June says current and future retirees will not get any cost of living adjustments — better known as COLAS — until the pension funds become stable, which is not expected until at least 2040.

[Reeses]

you won’t be staying around New Jersey in retirement, but probably moving down to a cheaper living state (Tennessee or Mississippi).

One third of local tax collections will be going out of state to government retirees, never to be seen from again. That wealth drain will destroy the local economy. NJ has to figure out some way to keep old government hirelings from taking the economy with them.