Christie Officials Tout NJ Pension System Savings

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    NEWSLETTERS

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    The Christie administration reports that local governments can expect to save $267 million in the 2012 fiscal year because of pension reforms enacted in June.

    The changes include requiring workers to pay more into their retirement funds, suspending cost-of-living increases for retirees and raising the retirement age for newly hired workers.

    The Treasury Department reports that the biggest savings — $224 million — will come from the police and firefighter retirement systems. An additional $43 million will be saved from the public employee retirement system.

    Bill Dressel, executive director of the state's League of Municipalities, credited the reforms for providing much-needed property tax relief.

    State Senate Republican leader Tom Kean Jr. urged local governments and school districts to return the new-found savings to taxpayers.