Skip to main content
MENU
Subscribe
  • Subscribe
  • Account
  • LOGIN
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE Act 2.0
    • Special Reports
    • 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
    • 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
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2022 Retirement Income Conference
    • 2022 Managing Pension Risk & Liabilities
    • 2022 WorldPensionSummit
Breadcrumb
  1. Home
  2. COURTS
October 09, 2015 01:00 AM

New Jersey pension fund trustees lose another challenge to reduced state contributions

Robert Steyer
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Andrew Harrer/Bloomberg
    New Jersey Gov. Chris Christie

    An attorney for trustees of the $79 billion New Jersey Pension Fund, Trenton, said his clients haven’t decided to appeal a Superior Court judge’s ruling dismissing their suit to reinstate state pension contributions that had been — and will be — withheld by Gov. Chris Christie.

    Trustees of three of the seven pension plans that comprise the New Jersey Pension Fund had sued in Superior Court in Trenton arguing the governor’s actions represented a breach of contract. The three plans — the Public Employees’ Retirement System, the Teachers’ Pension and Annuity Fund and the Police and Firemen’s Retirement System — account for about 97% of the total pension fund assets.

    However, on Thursday, Superior Court Judge Mary Jacobson dismissed the case after hearing oral arguments by attorneys representing trustees and the state.“We have great respect for Judge Jacobson, but we disagree with her decision,” Bennet D. Zurofsky, an attorney for the trustees, wrote in an e-mail. “Our clients, the trustees of the pension plans, will decide whether an appeal is taken and we have not yet had the opportunity to review her decision and their options with them.”

    The trustees’ lawsuit, which was filed in July and later amended, asked the court to require the state to make the withheld payments for the pension plans for fiscal years 2014, 2015 and 2016.

    Mr. Christie’s withholding of some payments for the 2014 fiscal year has been upheld in Superior Court, and his fiscal 2015 withholding was upheld in the state Supreme Court.

    For the 2014 fiscal year, the governor cut the payment to $696 million from the promised $1.58 billion. For the 2015 fiscal year, he cut the payment to $681 million from the promised $2.25 billion. For the fiscal year ending June 30, 2016, his budget calls for a payment of $1.3 billion rather than $3.07 billion.

    If the trustees appeal to the state Supreme Court, they will be asking, in effect, that the court reconsider the legal reasoning it used in a June 9 ruling that supported Mr. Christie’s actions.

    In a case that was separate from the trustees’ lawsuit, the Supreme Court ruled 5-2 that the governor’s withholding of some payments for the fiscal year ended June 30, 2015, wasn’t a violation of the state’s constitution. More than a dozen unions had sued the governor to make the full payment to the pension system.

    Related Articles
    New Jersey Pension Fund trustees want judgment on withheld contributions
    Republicans debate Social Security changes
    New Jersey Pension Fund returns 4.16%, surpasses benchmark by 123 basis points
    Pay up now or pay more later
    New Jersey commits up to $800 million to 4 managers
    N.J. Senate wants voters to rule on constitutional amendment for full pension c…
    Gov. Christie derides plan for New Jersey constitutional amendment on pension c…
    N.J. Legislature passes first hurdle for constitutional amendment on pension co…
    Recommended for You
    BOKFinancial_i.jpg
    Judge rejects motion to dismiss in BOK Financial 401(k) case
    Chantal Sheaks
    DOL opposes arbitration in ERISA case
    Kelloggs_Building_i.jpg
    Former 401(k) participant sues Kellogg over ERISA mismanagement
    Strong Demand Drivers Underpin Private Credit
    Sponsored Content: Strong Demand Drivers Underpin Private Credit

    Reader Poll

    July 6, 2022
    SEE MORE POLLS >
    Sponsored
    White Papers
    Nearing the finish line: Ideas on end-state investing for corporate DB plans
    The Meaning of "Portfolio Intelligence"
    Credit Indices: Closing the Fixed Income Evolutionary Gap
    Forever in Style: Benchmarking with the Morningstar® Broad Style Indexes℠
    Crossroads: Politics, Inflation, & Bonds
    Is there a mid-cap gap in your DC plan?
    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
    July 4, 2022 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 Content Solutions
    • 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 © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE Act 2.0
      • Special Reports
      • 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
      • 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
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2022 Retirement Income Conference
      • 2022 Managing Pension Risk & Liabilities
      • 2022 WorldPensionSummit