By Jersey Jazzman
I can’t let this week pass by without commenting on the royal screwing of New Jersey’s public employees that took place Tuesday:
In a victory for Gov. Chris Christie’s pension revisions, a Superior Court judge has ruled that about 800,000 retired public employees are not entitled to increases based on the cost of living.
The ruling by Superior Court Judge Douglas Hurd in Mercer County affects all current and future retirees in pension systems funded by the state, including state workers and judges as well as local police, firefighters and teachers.
The pension law the governor signed last June says current and future retirees will not get any cost of living adjustments – better known as COLAS – until the pension funds become stable, which is not expected until at least 2040.
Yes, that’s a pension freeze for at least 28 years. What, exactly, does this mean?
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