Gov. Chris Christie
In July 2015 the New Jersey Supreme Court upheld a move by Governor Chris Christie to allow partial contributions to public employee pension funds. The unions representing these employees took the matter to the US Supreme Court, and in February that court declined to hear the appeal, leaving
New Jersey’s pension problems as is. In a play on the “March Madness” theme, retired Teamsters organized pickets in Detroit, Kansas City, St. Paul, Columbus, and Dunn, North Carolina. The demonstrations are part of what labor pundits are calling a “
wave of organized wrath” over the slashing of Teamster pension benefits. We’ve been highlighting the declining stability of union pension funds for some time, and this momentum will only accelerate. It remains to be seen whether the retirees and currently represented employees reactions and demonstrations will escalate as well.