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Christie’s cuts in pension payments head to court

More than a dozen unions sued to block Christies plan to reduce pension contributions by $884 million in the fiscal year ending June 30 and by $1.57 billion next year.

By David Voreacos, Terrence Dopp | Updated on June 25, 2014

June 25 (Bloomberg) — Lawyers for New Jersey Governor Chris Christie head to court to defend his decision to cut payments to the state’s pension system by almost $2.5 billion as he faces a budget showdown with Democratic lawmakers.

More than a dozen unions sued to block Christie’s plan to reduce pension contributions by $884 million in the fiscal year ending June 30 and by $1.57 billion next year. Christie, a Republican, claims a drop in anticipated revenue forced him to trim pension payments to balance his $33 billion 2014 budget.

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