Posted on 05/30/2012 1:33:42 AM PDT by 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.
(Excerpt) Read more at nj.com ...
This ought to shake things up a bit.
For folks already retired, I don’t think it’s a big deal. For guys who are in their fifties today...it’ll mean that when you do retire...you won’t be staying around New Jersey in retirement, but probably moving down to a cheaper living state (Tennessee or Mississippi). I would imagine the younger folks are fairly angry about this.
Someone is going to move when something is unsustainable. The retiree or the taxpayer, and in Jersey despite the governor’s efforts to right size unfundable obligations, I’m betting it will be equal measures of both groups.
These union rackets have bled the state, and the taxpayers they “served”, dry; there is no money left to pay these pensions. While we bankrupt ourselves to pay property taxes, and the state bankrupts itself to pay these ridiculous pensions, current services are disappearing (”stop” signs overgrown by foliage, potholes going unrepaired). If they want to be technical about it have the state declare bankruptcy; those retirees can fight for their pensions in court while the current residents pay current employees.
A friend just retired as a cop at 46; that makes the Greeks look as industrious as Germans. For the next 30 years the taxpayers of my town will pay this guy, who only worked 25 years. Productive people will continue to flee, and those retirees will be left expecting illegal aliens and welfare recipients to pay their pensions.
Good luck.
This happens all of the time in the private sector.
When there isn’t enough money to meet obligations something has to give.
In the private sector when the money runs out there is no recourse but to reduce outflow.
When there isn’t enough money in the public sector the answer has always been to just go further in debt or extort more from the taxpayer - to kick the can down the road.
The only way to solve this is declare bankruptcy and let it collapse. Public sector locusts are killing this nation.
I’m not sure that a contract between two parties under state law is the same as a contract between a state itself and its employees. I would think the latter would be considered an act of the legislature, and therefore subject to modification as it sees fit.
Ask the Chrysler bond holders that got shafted by Obama how that worked out. Ask the GM dealerships that were closed by Obama based on the political leaning of the owners.
Do you think they will be in the streets throwing gasoline bombs like they do in Europe?
They are told to believe that once they are part of the public sector then they are taken care of no matter what happens or what they do.
No fear, concern, or preparedness for reality hitting them.
Taxpayers have come to the point of taking it no more and reality is soon to hit the locusts hard!
“Do you think they will be in the streets throwing gasoline bombs like they do in Europe?”
Probably not at THESE prices. ;-)
800,000 retirees.
NJ has a population of 8.8 million.
You do the math.
It’s why I bailed six years ago. You could see the future coming a mile away.
Any pension fund regardless of what it is including Social Security can only work if what you put in, what your employer puts in and whatever it may earn investment wise is all that you’re entitled to get back.
It’s pretty simple math.
Yes, and ruin Tennessee and Mississippi when they get there.
Yes, and ruin Tennessee and Mississippi when they get there.
Unfortunately not...what it means is more loud mouthed yankee know-it-alls coming to VA and points south. Oh goody.
"The salaries they were making way back then were a lot lower," Fox said.
The unions say they will appeal the judge’s ruling."
This guy's been retired for 25 years-- he probably retired at 50.
Is there anyone else except public employees who get a deal like this?
If someone objects that being a fireman or police officer is tough, then I would remind them that we find infantrymen who earn $1500.00 a month and do a far tougher job.
As Gov. Christy said,
“It was previous politicians who made you promises that we can’t keep. Why are you mad at me — I am the only one telling you the truth!”
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.