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Sweeney: Not pension reform if NJ pays
By admin | January 7, 2011
New Jersey Senator Stephen Sweeney An overhaul of New Jersey, the pension system would not glide without a guarantee from the Governor of that State will start to pay their share, the top Democrat legislature said.
Senate President Stephen Sweeney said he’ll soon be announcing major pension reforms, which will depend on gov. Chris Christie, agreeing to start paying into the system. Christy is missing a payment of $ 3.1 billion this year, the last in a series of missed or a significant reduction in payments to directors on both sides of most of the last 20 years.
“I’m going to give it a real reform, but it’s only going to get it paid,” Sweeney said during a recent interview. “We want to reform pensions. I also want to make it real. Making it real is when you fund it. ”
New Jersey pension funds for State employees, teachers and police officers and firefighters underfunded by $ 53.9 billion, $ 8 billion from a year ago, according to recent figures released by the State Department of the Treasury.
Other States, straining under the weight of pension commitments capping benefits by sending new employees 401 (k) program and the prohibition on part-time employers from enrolling in the system.
In New Jersey pension experts helped convince lawmakers that the system will run money by changes made affect current workers and have already retired. But Sweeney, who sometimes tangled with the public employee unions, said he would not insist on additional victims from public sector workers, if States are ready to fulfil their obligations under labour.
“If it’s not going to make it pay, no matter what we do isn’t going to fix pension,” says Sweeney. “You can’t pay a part especially when employees continue to give them.”
Mama other details of its proposed changes, including how they can save Sweeney. Changes would require approval by the Democratic-controlled legislature.
Christie said he will pay into the system in the coming year if incomes allow, but he also insisted that the system will be in red, even though States have made all their payments. He called on the legislature since taking office a year ago to reform the pension system by making less generous benefits.
Christie has proposed changes, which include rolling back an increase of 9 per cent pension legislature granted ten years ago, when the economy – and the pension system – were flush. He also proposed to raise the retirement age to 65 years of 70, and making all employees contributed 8.5 percent of their salaries to their pensions, a greater percentage than most do now.
The legislature adopted several changes last March that included requiring all beneficiaries to start contributing 1.5 per cent of their wages to their health. Union leaders have lost a lawsuit blocking change.
Contribution of the State pension can be a problem in next year’s budget that Republican Governor will present next month and the democratic legislature will work on in November.
Christie signed into law last year, requires the State to pay early retirees system with one-seventh the contribution amount of $ 512 million in June. Budget replaces the Statute, but. Lawmakers, led by Sen. Tom Kean Jr. tried but failed last year get the requirement enshrined in the Constitution of the State.
Even Sweeney, who sponsored the Bill in the Senate, has admitted that it is unrealistic for the State to make its full contribution of more than 3 billion dollars a year without a phased period.
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