Today the State Treasurer released data demonstrating that municipal governments and school districts will pay an increase of 8.9% for pension benefits in 2012. This follows a 22% increase in 2011.
League Executive Director Bill Dressel issued the following statement:
“This again demonstrates that pension reform, along with health benefits reform, must be addressed immediately. Taxpayers have been promised reform and relief for too long without those promises being realized.
Local governments now operate under a 2% cap. Though these costs are exempt from that cap, these will result in significant tax increases or severe reductions in services. The Governor and Senate President have both advanced proposals, and the Speaker has promised action in the Assembly. Reform has bipartisan support. We can wait no longer. The time to act is now. “
Contact information: Bill Dressel, Executive Director, (609) 915-9072.
New Jersey State League of Municipalities • 222 West State Street • Trenton, NJ 08608 • (609) 695-3481 •FAX: (609) 695-0151