September 29, 2014
RE: League Leadership Urges Pension Study Group to Recognize Strength of Local Pension Funding
The League’s Officers have submitted a statement to Governor Christie’s Blue Ribbon Pension and Health Benefit Study Commission.
While we commend the Governor and the Commission for their attention to the problems underlying the State’s funding crisis, we wanted the Commission to be aware of the fact that the experts have always made a distinction between local commitments for local employees and retirees, and the commitments for those for whom the State is responsible. According to the latest valuation reports, the local government Public Employees Retirement System (local PERS) and the local Police and Fire Retirement System (local PFRS) are actuarially sound, in large part due to the fact that municipalities and counties have made full employer contributions as required under the law for over a decade.
The Final Report and Recommendations of the Study Commission should not address State government funding gaps by, in any way, weakening the vitality of the local plans.
You can view the full letter on our website at: http://www.njslom.org/pension-health/PensionStudy-9-22-14.pdf. We would urge you to bring these concerns to your State Legislators.
Very truly yours,
William G. Dressel, Jr.