September 29, 2008
We issued the following media advisory on today’s signing of the Pension and Benefits Reform Act of 2008.
For a copy of the Governor’s News Release and summary, please click here.
Very truly yours,
William G. Dressel, Jr.
Monday, September 29, 2008
LEAGUE RELIEVED AT GOVERNOR’S ACTION ON PENSION REFORM
In view of the dismal economic climate in our Nation, the League is pleased to see Governor Corzine’s action on the Pension and Benefit Reform package today.
While we were concerned about the delay in completing this process, the League is pleased that Governor Corzine’s signing is an indication of his commitment to bring relief to the long suffering, overburdened property taxpayer. His signing today is recognition that pension costs are stifling State and Local budgets and relief is necessary for the fiscal health of our State.
The League always stated the package does not go far enough to address documented issues we raised in testimony relative to PFRS; nevertheless, the package is a positive step toward reform. The prospective nature of its application indicates the promise to current members of the pension system remains intact.
The Public Employee Pension and Benefits Reform Act of 2008 was a hard fought, comprehensive package represented by S-1962. It reformed various aspects of PERS and TPAF. The League conceptually supports its adoption.