TRENTON – Gov. Chris Christie announced that pension reforms he signed into law on June 28 will save New Jersey’s property taxpayers and local governments $267 million in Fiscal Year 2012.
Today’s announcement includes $224 million in local taxpayer savings in the Police and Fireman’s Retirement Systems (PFRS), in addition to previously released savings estimates of $43 million in the Public Employee Retirement System (PERS), for a total savings of $267 million across municipalities, school districts and counties this year.
“This $267 million in savings is the direct result of our bipartisan efforts to take on the biggest challenges facing our state and deliver sustainable, long-term property tax relief to New Jersey’s families and job creators. Because we took action, New Jersey taxpayers are now seeing that real results will ease strained local budgets and bring costs under control at the local level,” said Christie. “These savings are critical to getting our economy moving again and creating jobs, while also protecting the core local government services New Jerseyans expect and deserve.”
The amount saved by individual municipalities depended on the size of their workforce. For example, in Union County, Elizabeth saved $4.1 million; Linden saved $1.75 million; Rahway saved $753,454, and Clark saved $260,127 based on the changes in the Police and Fireman’s Retirement Systems.
A savings breakdown of Fiscal Year 2012 PFRS pension cost savings for each local government in New Jersey – municipalities, counties and other local government units – can be accessed at the Department of Treasury’s website.
The local government savings breakdown for PERS, previously released on July 14, 2011, can be accessed here.
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