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    Chris Christie Sued for $4 Billion Over Missed Pension Payments

    Patrick Semansky
    US
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    Three of the largest unions responsible with providing pensions to retired New Jersey State workers have filed a lawsuit against Governor Chris Christie.

    NEW YORK (Sputnik) — Three of the largest unions responsible with providing pensions to retired New Jersey State workers have filed a lawsuit against Governor Chris Christie for allegedly shorting the unions of promised capital, the good government website Watchdog.org reported on Monday.

    “New Jersey’s three largest public pension plans are taking Gov. Chris Christie to court in a renewed effort to force the state to pay more than $4 billion in missed payments to retirement funds,” according to Watchdog.org.

    The lawsuit was filed by the Public Employees Retirement System (PERS), Teachers’ Pension Annuity Fund and Police and Fireman’s Retirement System, which represent roughly 290,000 retirees, Watchdog.org added.

    “The state’s full annual required contributions for the fiscal year 2014 were not made, despite the fact that the necessary budget allocation was made by the Legislature and signed into law by the Governor,” the pension unions claimed according to court documents.

    Furthermore, the pension unions allege that for fiscal year 2015, only one third of required contributions to the funds by the state were made.

    As a result, the state’s retirement system faces a $170 billion deficit, according to Watchdog.org.

    Christie overhauled the state pension system in 2014 through an executive order, and cut payments to the pension funds to balance the state’s budget.

    A court hearing has been scheduled for August 21, 2015.

    Watchdog.org is a non-profit organization that exposes government waste, fraud and abuse of power, according to its website.

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