Pension Reforms Paying Off, Says Governor Christie

Governor Christie says the bipartisan pension and benefit reforms signed into law last year are already helping Jersey residents.

During his latest town hall meeting today in West Milford, Christie told an overflow crowd of several hundred people “just this year alone across the state – if we had not done the reforms, property taxes would be 241 million dollars higher…and we’re announcing 116 million dollars today –in additional savings – to local governments statewide.”

Pension contributions paid by local governments and funded by local property taxpayers are falling by 116 million dollars, with over43 million in local government savings coming from the Police and Firemen’s Retirement Systems, and over $72 million coming from the Public Employees’ Retirement System.

The Governor told the crowd “our willingness to make the tough choices and achieve progress on meaningful reforms in a bipartisan way is continuing to deliver millions in long-term, sustainable property tax relief for our middle-class families, our commitment to New Jersey taxpayers is to continue down the path of commonsense reforms that bring down the cost of government while providing tax relief.”

The Governor’s office says savings breakdowns of the 116 million can be accessed on the Department of Treasury’s website for both PERS and PFRS: http://www.state.nj.us/treasury/pensions/epbam/exhibits/pdf/2013-pers-pfrs-combined-billing.pdf