NJ Teachers' Union Bails Out of Gov. Christie's Pension Study Commission
By David Madden
TRENTON, N.J. (CBS) -- New Jersey's largest teachers' union has pulled out of efforts to change the state pension system.
The New Jersey Education Association announced it will no longer work with Gov. Christie's Pension and Benefits Study Commission until the administration catches up with fund payments it agreed to four years ago.
Union president Wendell Steinhauer says all the number crunching doesn't alter their bottom line.
"Quite honestly, the amount of money that we would have to spend on the alternative would be just as best served to put it into the funding of the pension right now," he said today.
The union estimates the pension fund is facing a $4-billion shortfall between last year, this year, and next.
Lawsuits over the pension funding continue to play out in New Jersey's highest court. A spokesman for the governor labeled the NJEA's decision "unfortunate" but insists their work will continue.
