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March 20, 2014

Re: Reduced Public Employee Pension Bills Posted Online

Dear Mayor:

As Governor Christie stated in his February 25 Budget Address to the Legislature (See our summary letter at www.njslom.org/2015-FY/2014-0225-SY2015-tolegislature.html.), local government PERS and PFRS pension liabilities will be about $135 million less than previously billed.

The Division of Pensions and Benefits has posted the revised billing figures online at www.state.nj.us/treasury/pensions/2014-employer-billing.shtml.

These savings are the result of the bipartisan pension reforms enacted in 2010 and 2011, an improving investment market, a fair division of investment earnings between state and local accounts and the fact that local employers have consistently met their funding obligations to the retirement systems.

We are still awaiting guidance on how the Division will refund those municipalities that have already made their pension payment.  We will advise you once guidance becomes available.

We thank Governor Christie, Senate President Sweeney and all of the legislators who supported the pension reform amendments; Treasurer Eristoff and his team in the Divisions of Investments and Pensions and Benefits; and all of you for your prudent budgeting.

Very truly yours,

William G. Dressel, Jr.
Executive Director

 

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