"In the mid 1990s Republican New Jersey Governor Christine Todd Whitman re-directed contributions from the pension fund for state employees to the state general account while giving tax cuts to wealthy state residents. By purposely under-funding the pension plan Ms. Whitman was able to ‘balance’ the state budget while cutting taxes. And through pension accounting loopholes, the move provided the illusion the pension plan was adequately funded as massive deficits accrued.
Cut to 2011, current Republican New Jersey Governor Chris Christie and the New Jersey legislature pass bi-partisan pension ‘reform’ that ‘solves’ the systematic looting of the pension plan by cutting promised payouts to pensioners."
