Quantcast
Viewing all articles
Browse latest Browse all 6760

N.J. towns must contribute 22 percent more to pension fund

TRENTON — New Jersey towns, and their taxpayers, must pump more cash into the public employee pension system. The Asbury Park Press reports 1,700 municipalities, counties, authorities, schools and fire districts will be expected to make $1.7 billion in contributions. They'll pay an average of 22 percent more toward the state's pension system next year. The pension payments are...

Image may be NSFW.
Clik here to view.
treasurer-andrew-eristoff-nj.JPG
Andrew Sidamon-Eristoff, left, New Jersey's state treasurer.

TRENTON — New Jersey towns, and their taxpayers, must pump more cash into the public employee pension system.

The Asbury Park Press reports 1,700 municipalities, counties, authorities, schools and fire districts will be expected to make $1.7 billion in contributions. They'll pay an average of 22 percent more toward the state's pension system next year.

The pension payments are in addition to an 11.7 percent increase in state health benefit costs for towns and a 5.7 percent hike for school boards.

State Treasurer Andrew Sidamon-Eristoff tells the newspaper the new payments reflect the need for Gov. Chris Christie's pension and government reforms.

Previous coverage:

Gov. Christie outlines cuts to N.J. workers' pension, benefits

N.J. Gov. Christie, lawmakers propose sweeping pension, health care changes for public employees

Editorial: To solve New Jersey's pension crisis, workers and taxpayers both will have to give

N.J. Gov. Chris Christie signs pension, benefits changes for state employees


Viewing all articles
Browse latest Browse all 6760

Trending Articles