A New Jersey county judge early this week has set the date for a suit centered on whether or not Governor Chris Christie’s budget proposal has contributed enough for the state’s pension.
Mercer County court judge Mary Jacobson, said the state and over a dozen union litigants need to hand over their briefings and responses by next week. Oral arguments for the case will be made on May 12th.
Unions supporting the suit are saying Christie has violated state law by not promising payments in the state’s upcoming budget while underfunding around $1.8 billion of pensions. Christie mentioned that the New Jersey’s budget problems has made full pension payments difficult for the past couple years.
Christine said that this year’s $1.3 billion contributions is the biggest in NJ history, although it’s less than $2 billion than what was initially promised.
New Jersey currently has a funding ration of 44%. This makes it one of the worst performing states in the country. This is largely due to the latest stringent accounting rules in play.