February 18, 2010
LEAGUE TESTIFIES IN SUPPORT OF PENSION REFORM
Today, League of Municipalities Executive Director Bill Dressel testified in support of the bipartisan pension reform package, S-2, S-3, S-4 and SCR 1.
The New Jersey League of Municipalities expressed strong support for the vast majority of the provisions in the bi-partisan public employee pensions and health benefits reform bills before the committee today. As noted in the State Commission of Investigation Report: The Beat Goes On: Waste and Abuse in Local Government Employee Compensation and Benefits, the League has been on the forefront of benefit and pension reform for some time.
We encourage the Legislature to go even further. The final legislation should ensure consistent benefits provisions in ALL pension systems – PERS (Public Employees Retirement System), TPAF (Teachers Pension Annuity Fund) and PFRS (Police & Fire Retirement System). For example, in S-2 the pension calculation has been changed to the highest 5 years for PERS and TPAF and 3 highest years for PFRS. PFRS is the most expensive pension system in New Jersey. In order to curb pension cost and have true reform we must address the most expensive portion of the municipality’s pension bill.
The League commends Senate President Sweeney for prioritizing this necessary reform, and we thank the long list of sponsors on both sides of the aisle. This reform is property tax relief, and is most welcomed by local officials. We will continue to work with all interested parties on reforming the Pension Systems
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For more information, please contact Bill Dressel, Executive Director at (609) 695-3481, ext. 22, via cell at (609) 915-9072 or at email@example.com