By JONATHAN SCHULTZMAN, Associated Press The Associated Press – A federal judge on Thursday ruled that state and local governments must trim $1.1 billion from state pension funds and other public employee retirement plans by the end of the year.
The pensioners and other state and federal employees who lose their job protections will get a larger share of the cuts.
The state’s largest pension funds, the New Jersey State Employees Retirement System and the New York State Teachers Retirement System, will be hit hardest.
The cuts will be more than $2 billion in New Jersey and about $1 billion in state-run pensions in New York.
State Treasurer Michael DeFazio, who is running for governor in 2018, is among the lawmakers who have pushed for a pension-reform bill.
The bill was introduced in January by Assemblyman Peter Barca, D-Bergen, and Assemblyman Richard Gottfried, D