State Senate President Stephen Sweeney (D-Gloucester) told The Star-Ledger’s editorial board Thursday that a victory for the retirees and the restoration of COLAs would bankrupt the pension system, but he predicts the state will prevail.
It is what overturning the COLA theft means for future ‘reforms’ which, if not allowed, WOULD move the system to pure pay-go.
If the State Supreme Court overturns the lower courts and approves doing away with COLAs it will set a precedent for future cuts which some would view as ‘saving’ the system. If a COLA promised to a retiree can be eliminated why not the base pension through a benefit-cap that decreases as necessary?
Now that the Supreme Court has its marching orders from Governor Christie and now Senate President Sweeney it appears likely to obey and the next questions are:
- which judge gets the assignment of thinking up the twisted rationalization; and
- what is a decent interval before the next set of benefit cuts?