I didn't see any other diary about this decision, so here is a little bit. Screwing the public workers once again.
New Jersey's highest court on Tuesday cleared the way for Gov. Chris Christie to cut $1.57 billion from state pension funding, bolstering the Republican's presidential hopes but still leaving the state with fiscal struggles ahead.
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The court, in reversing a lower court ruling, said while it lamented the "staggering" loss of public trust resulting from broken promises, the pension payment at issue was not a contractual obligation entitled to constitutional protection.
Christie cut a state contribution to the public pension system last year because of a revenue shortfall. The state's pension system has about $83 billion of unfunded liabilities and was funded at only about 44 percent in fiscal 2014.
N.J. Governor Christie gets boost from court decision on pension
And from another publication:
The Supreme Court’s 5-2 decision reversed a lower court ruling that Christie had violated pension law by slashing $1.57 billion from the state’s pension contribution for the fiscal year that ends this month. It also gives the governor a green light for his plans to cut another $1.8 billion from next year’s pension payment.
In the short term, the judgment enables New Jersey to avoid an immediate financial crisis that would have forced the state to find enough extra cash to balance the budget by June 30. But the long-range outlook is bleak as the retirement system for public workers faces a $170 billion deficit.