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This New York Times article is a wide-ranging review of recent court decisions on public pension cuts in several different states and cities. The results are contradictory. I find it hard to summarize the article beyond that; in this case I recommend reading the article.
I can read it. Says I've read 5 of 10 "free" articles this month.
What a read. You are right ER..court results are all over the place regarding city/state public pensions.
Too bad they weren't put under the same Fed rule as companies.
This New York Times article is a wide-ranging review of recent court decisions on public pension cuts in several different states and cities. The results are contradictory. I find it hard to summarize the article beyond that; in this case I recommend reading the article.
Interesting read. Thanks for the link.
Quote:
Originally Posted by oddstray
The linked-to article is behind a paywall.
Then you must have already read your allotment of free NYT articles for the month.
Thanks for posting the article Escort Rider. It certainly is a worrisome time for many public employees. My DH has a NJ state teachers pension. Several years ago the cost of living increases were done away with, and so far the courts have upheld that decision. They have also ruled that NJ does not have to make pension payments, even though a law was passed in the State giving a schedule to increase payments over a number of years.
Since NJ did not make payments for decades, our pensions are severely underfunded (second only to Illinois I believe). The State has had numerous credit downgrades due to this issue.
I am very grateful that we saved a fair amount of money, because just losing the cost of living increases will mean at some point we will need to dip into our savings.
Many younger public employees don't believe they will ever collect their pensions, yet they must contribute toward them.
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GeoffD: Interesting data. What was your source? (I am particularly curious what year the data represent).
Illinois and New Jersey frequently appear on these "lists of shame", but who would have guessed Alaska? The third list is important because it puts the first list in perspective.
^^^^^^^^^^^^^^^^^^
GeoffD: Interesting data. What was your source? (I am particularly curious what year the data represent).
Illinois and New Jersey frequently appear on these "lists of shame", but who would have guessed Alaska? The third list is important because it puts the first list in perspective.
Thanks for posting the article Escort Rider. It certainly is a worrisome time for many public employees. My DH has a NJ state teachers pension. Several years ago the cost of living increases were done away with, and so far the courts have upheld that decision. They have also ruled that NJ does not have to make pension payments, even though a law was passed in the State giving a schedule to increase payments over a number of years.
Since NJ did not make payments for decades, our pensions are severely underfunded (second only to Illinois I believe). The State has had numerous credit downgrades due to this issue.
I am very grateful that we saved a fair amount of money, because just losing the cost of living increases will mean at some point we will need to dip into our savings.
Many younger public employees don't believe they will ever collect their pensions, yet they must contribute toward them.
Unsettling times for many.
Regarding the COLA you are incorrect.
The court overturned the COLA suspension back in June of 2014 saying workers had a right to COLA as part of their pensions....BUT....there has been no restoration of it yet as the court remanded the case to a lower court for review - of course this is a scam to prolong the hold up of the COLA return and to keep it in the quagmire of the legal system for as long as they can.
So....the actual COLA suspension decision was overturned/not upheld but the games continue.
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