3 Pension Funds Sue New Jersey for Billions in Damages

Via Kentucky.com

By The Associated Press, Kentucky.com

July 27, 2015

Three public workers’ pension funds are suing New Jersey for billions in damages, claiming the state government breached contracts when it contributed less than planned.

The filing Friday is the latest volley in a more than yearlong dispute over pension contributions. They stem from Gov. Chris Christie’s decision last year among a budget shortfall to veer from a pension funding plan he signed into law in 2011.

The funds’ legal action was first reported by NJ.com.

The state Supreme Court has ruled that it cannot force the state to put money into the funds at a certain time, though it found that retirees are entitled to the pensions they have been promised..

Read the full article here.

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