The trustees for the state pension funds for teachers, public employees and police and firefighters have sued Gov. Chris Christie's administration for failing to make required payments into the state retirement system.
"Today is a somber day for the Boards of Trustees of the Public Employees' Retirement System (PERS), the Police and Fire Retirement System (PFRS) and the Teachers' Pension and Annuity Fund (TPAF) and the hundreds of thousands of New Jersey citizens who work daily caring for our veterans, our developmentally disabled, our mentally ill and our elderly; who keep our streets safe; who keep our communities clean and healthy; and who educate our children," the chairs' statement reads.
"Despite proclamations to the contrary, the governor has usurped the authority of the state Legislature and has shamelessly broken his word by derailing the proper funding of the pension funds, while at the same time demanding participants endure benefit reductions and higher employee contributions."
As trustees, the boards are duty-bound on behalf of participants to safeguard the pension funds.
The suit is being filed in Mercer County.