Tuesday, June 14, 2011

Pension and Benefits Reform Update

A compromise bill is rolling through the Legislature with a provision that the whole megilla sunset in four year and contribution rates return to the provenance of the negotiating table. The Asbury Park Press reports on some features of the Christie/Sweeney/Oliver bill:
  • The 9% increase in pensions, which dates back to 2001, would not be overturned, as was Gov. Christie’s wont.
  • No change in retirement age for current employees.
  • No increase in the number of final years used to compute pensions.
  • All public workers (including teachers) would contribute 6.5% of their salaries towards pensions. Current contribution is 5.5%.
  • All employees would make higher contributions to health insurance premiums based on a sliding scale, topping out at 35% of premium costs.


jim-sandy said...

Christie was not governor in 2001. The SEC cited pension fraud of 2001 was under unelected Republican Gov. Donald DiFrancesco.

NJ Left Behind said...

Thanks for the correction, Jim-Sandy.