Skip to main content
MENU
Subscribe
  • Sign Up Free
  • LOGIN
  • Subscribe
  • Topics
    • Alternatives
    • Artificial Intelligence
    • Consultants
    • Defined Contribution
    • ESG
    • ETFs
    • Face to Face
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Regulation
    • SECURE 2.0
    • Special Reports
    • Washington
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Influential Women in Institutional Investing 2023
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • ESG Investing | Industry Brief
    • Innovation in ESG Investing
    • 2023 ESG Investing Conference
    • ESG Rated ETFs
    • Divestment Database
  • Defined Contribution
    • Latest DC News
    • The Plan Sponsor's Guide to Retirement Income
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • DC Plan Design: Improving Participant Outcomes
    • 2023 Defined Contribution East Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Research Center
    • The P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
  • Print
Breadcrumb
  1. Home
  2. COURTS
June 10, 2014 01:00 AM

New Jersey unions lining up to sue over reduced pension fund contributions

Robert Steyer
  • Tweet
  • Share
  • Share
  • Email
  • More
    Andrew Harrer/Bloomberg
    Gov. Chris Christie

    More than a dozen unions have sued the state of New Jersey and Gov. Chris Christie trying to prevent him from withholding state payments to the $76.8 billion New Jersey Pension Fund, Trenton, for the fiscal years ending June 30, 2014, and June 30, 2015.

    The lawsuits seek to block the governor's decision, announced May 20, to withhold a majority of the payments for the two fiscal years. The governor and the state Legislature had agreed several years ago that he would make the payments in return for legislation that, among other things, raised the retirement age for certain public employees and required employees to pay more for their pensions.

    However, the governor said that an unanticipated shortfall in revenue forced him to take action to withhold payments in order to balance the budgets for the current fiscal year and the next fiscal year.

    Three separate lawsuits have been filed — last week and early this week — in New Jersey's Superior Court for Mercer County in Trenton seeking to overturn the governor's withholding of the state payments. The lawsuits have 14 union plaintiffs plus several public employees.

    Attorney Craig Gumpel said in an interview Tuesday he expects the lawsuits to be consolidated for a hearing June 25 before Superior Court Judge Mary Jacobson. Mr. Gumpel represents in the same lawsuit the New Jersey State Firefighters' Mutual Benevolent Association and several employees who are plaintiffs in one lawsuit filed by several unions, including the New Jersey Education Association.

    “This case presents this court with a fiat by the governor,” the lawsuit said. “The governor refuses to allow the release of already appropriated money that is mandated to be paid this fiscal year.”

    Mr. Christie said he would cut the payment for the fiscal year ending June 30, 2014, to $696 million from the promised $1.58 billion. He also proposed cutting the state contribution for the fiscal year ending June 30, 2015, to $681 million from the promised $2.25 billion. This proposal is subject to passage of a budget for the next fiscal year.

    The governor issued an executive order on May 20, saying he could take necessary action to make sure the state complies with the constitutional requirement of a balanced budget.

    Mr. Christie said at a news conference Monday, “there is no Plan B” if the courts rule against him. “This is the plan, and I am completely confident that this plan will be supported from whatever legal challenge that it goes after,” he said.

    Related Articles
    Christie sets N.J. pension contribution at $2.25 billion
    New Jersey names new director of investments
    Gov. Christie slashes pension contributions
    New Jersey unions file lawsuit over reduced pension contributions
    Recommended for You
    courtroom gavel books 1550_i.jpg
    Judge tosses 401(k) ERISA lawsuit against Parker-Hannifin
    Nicolai Tangen
    NBIM joins AP7 as co-lead plaintiff in SVB lawsuit
    tyson_plant_center_texas_1550-main_i.jpg
    Tyson Foods sued over 401(k) fees, record keeper
    CITs Poised to Shine Across the DC Stage
    Sponsored Content: CITs Poised to Shine Across the DC Stage
    Sponsored
    White Papers
    What a Fed pivot and ‘higher for longer’ mean for emerging markets
    A Guide to Home Equity Investments: The Untapped Real Estate Asset Class
    How to Modernize a School District Retirement Plan
    Q4 2023 Credit Outlook: Price Is What You Pay, Value Is What You Get
    There's More Than One Way to Be a Climate Investor
    Exploring the Commercial Application of Artificial Intelligence
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    October 23, 2023 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Custom Content
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Artificial Intelligence
      • Consultants
      • Defined Contribution
      • ESG
      • ETFs
      • Face to Face
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Regulation
      • SECURE 2.0
      • Special Reports
      • Washington
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Influential Women in Institutional Investing 2023
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • ESG Investing | Industry Brief
      • Innovation in ESG Investing
      • 2023 ESG Investing Conference
      • ESG Rated ETFs
      • Divestment Database
    • Defined Contribution
      • Latest DC News
      • The Plan Sponsor's Guide to Retirement Income
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • DC Plan Design: Improving Participant Outcomes
      • 2023 Defined Contribution East Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Research Center
      • The P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
    • Print