Officials: N.J. Towns To Save $267M In Pension Costs Thanks To New Law

Local governments across New Jersey will save $267 million in pension costs now absorbed by public employees in the form of higher contributions, according to figures provided by the state’s Treasury Department. The savings are a result of the controversial pension overhaul bill that passed in June and shifted a greater share of the costs onto public workers. Supporters said the move was necessary to help save the cash-strapped pension system for future retirees and to help ease the burden on local governments.

“Because we took action, New Jersey taxpayers are now seeing that real results will ease strained local budgets and bring costs under control at the local level,” Gov. Chris Christie said in a written statement. Mor in Star Ledger.

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12 COMMENTS

  1. The system is strapped because tax payers have not payed into it in over 15 years but the state has borrowed millions of dollars from the system. If the same thing happened to social security people would be up in arms. Police Officers and Fire Fights are banned from collecting social security.

  2. I think its a Crock of Bull that the employees have to pay more because the state can not pay back the portion they borrowed many years ago. That is just wrong..no wonder there are people leaving this state in a mass exodus…cant afford to live here..cant afford to retire here..

  3. I have been robbed by the state and now I must pay the debt owed by the state and my paycheck is smaller, my taxes are higher!
    Go Governor Christie! No really Go.

  4. Hey #1:
    I don’t know about you but I paid my taxes for the past 15 years!! It was the Democrats that didn’t put the money in the right fund! The Democrats borrowed from the fund to pretend to keep our taxes low so that they would get voted back into office, this is why Christie got voted into office to try to clean up the Democrat mess, or to be blamed for it by the Democrats.

  5. I have zero sympathy for state workers as I tried for years to get into the state myself.I now work for an accounting firm that has state workers as a large part of its clientele. I see how much more they are paid then people doing the same thing in the private sector.And whenever I ask a client to help me get a job in the state the response is always the same: ” The only way to get a civilian government job is with pull”

  6. Hey #8, I think #1 is referring to the fact that Municipalities have NOT paid their required share in 15 years, they were given a free ride. Also, the POLITICIANS (Democrat and Republican) raided the pension system for years to cover their spending and give the illusion they were holding the line on taxes. Now figure the untold amounts taken and never paid back, the payment skipped by towns,and the interest it would have earned and listen to that (moderated) say the pension system is underfunded. And the Democrats didn’t “borrow” the money, if you borrow something you give it back. It was robbed by the politicians, but (moderated) won’t say that. He wants to thrill everyone with his “tool kit” that is going to save NJ overnight. Wake up and check things out before blindly following Pied Piper Christie.

  7. Last poster… Where in the heck did u hear about that because you are 100000% WRONG! it started with Gov. Christie whitmann borrowing money! Please do you research before you sound so foolish! It was also every gov after her that continued not making pension payments. It started with a republican making a mess and ended with a democrat. Your comment by far is so utterly laughable.

  8. Hey #8
    Get your facts straight, It was gov. Whitman, a republican, who first began looting the pension funds to pay out homestead rebates and to keep your taxes artificially low. The democrats that followed not only continued robbing the system but stopped payments into the fund and allowed local governments to stop paying into the system also. Both parties are to blame.

Comments are closed.