Pension Promise Broken by Christie Affirmed Across U.S.
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As Governor Chris Christie breaks a pledge to bolster New Jersey’s underfunded public-employee pension system, retirement-plan overseers elsewhere in the U.S. are taking steps to pare their shortfalls.
Christie plans to close his state’s budget hole by cutting $2.5 billion of pension payments this year and next. In California, Jerry Brown proposes closing a $74 billion shortfall in teachers retirement funds. Pat Quinn is seeking to bring the Illinois plan to full funding in 30 years.