The end of your pension is near unless the PBA, NJEA, PERS find some qualified (outside) lawyers. http://burypensions.wordpress.com/2012/05/26/no-pension-guarantee-in-new-jersey/ Posting on njlawman.com forum today
I tend to agree except for one word.
I would insert ‘advisers’ for ‘lawyers.’
“It is difficult to get a man to understand something when his salary depends upon his not understanding it.”
What the lawyers advising New Jersey unions seem to be pushing is more court action despite the fact that the state maintains a decided home court advantage. However, even if they lose, the lawyers get a nice chunk of union dues in fees. Let’s examine how that has worked out so far.
The state cut back on their contributions to the pension fund and the NJEA sued. The courts turned them down explaining:
“(Pension fund) members, although entitled by law to the receipt of vested benefits upon retirement, possess no constitutionally-protected contract right to the particular level, manner or method of State funding provided in the statute”
So funding levels plummet and the state decides to cut benefits (primarily eliminating cost-of-living-adjustments) pleading poverty. On Friday a judge ruled they can because of this ‘debt limitation’ clause in the NJ constitution.
That ruling will likely be appealed (on advice of counsel) and another $250,000* in union dues will go to lawyers to no effect except forcing some non-tenured judge to read a bunch of briefs.
I understand the situation and I have a definite strategy that should work but………….nobody’s asking my advice so I’ll keep it to myself.
* A wild and possibly understated guess.