Posts Tagged ‘lawsuit’

Fingering Public Pension Actuaries

It is only a matter of time before the public pension crisis, as enabled by a cabal of actuaries devising assumptions and methods primarily to understate contributions, finds fall guys.  It happened this week in Detroit and to Gabriel Roeder Smith & Company (GRS) as reported in the New York Times:

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Advice to NJ unions

The end of your pension is near unless the PBA, NJEA, PERS find some qualified (outside) lawyers. https://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.

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Who To Sue Now

Who knew there was an Eleventh Amendment that applied to suing a state in federal court?  Not me and apparently not the lawyers for New Jersey public workers as their lawsuit seeking to overturn last year’s pension reforms got tossed out yesterday by US District Court judge Anne Thompson, the same judge who, seventeen years earlier, allowed to go forward a lawsuit challenging Gov. Christine Todd Whitman’s decision to cut state contributions to public employee pension funds by $2 billion ruling then that “they could argue that the state had taken workers’ property without due process”

What’s different now and who is there to sue?  And where?  And before whom?  Here’s what I would do.

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Crooked Judges

The rulings that cost-of-living-adjustments can be arbitrarily slashed for retirees in Minnesota and Colorado made no logical sense to me as it would perforce allow for the reduction or elimination of all public pension benefits.  Nothing promised in writing would have any value in the face of political expediency.  Where was the rule of law?

Then it hit me when I saw this quote in a story about the latest lawsuit to be filed in New Jersey – this one by judges who don’t want to see their own contributions that fund pensions raised from 3% to 12%:

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