While Chapter 78 increased the average healthcare contributions required of public employees based upon a sliding percentage of the cost of coverage, if Assemblyman Declan O’Scanlon’s proposal is implemented, public workers can expect to pay higher out-of-pocket costs toward coverage provided under a lower-level plan. In exchange, the Assemblyman’s plan provides for a constitutional
Chapter 78, P.L., 2011 (hereinafter referred to as “Chapter 78”) went into effect on June 28, 2011, and has increased the average healthcare contributions required of public employees substantially. However, not all employees and retirees are equally effected. This article will briefly outline the effect Chapter 78 will have on newly and prospective retirees.
Chapter
As reported by Samantha Marcus of NJ.Com, The Trustees of one of New Jersey’s largest government employee pension funds say they have been told by Gov. Chris Christie’s administration that they have no authority to request an audit of their fund’s investments, valued at about $80 billion.
In accordance with an article published on NJ.Com this past week, New Jersey’s low-end credit rating could fall again if the state Supreme Court rules that retired public workers are entitled to yearly increases (COLA) in their pensions, according to Moody’s Investors Service.
A lawsuit challenging one of Governor Christie’s pension-reform laws is pending at
Yesterday, NJ.COM reported that Governor Christie was prepared to roll out sweeping pension legislation that would overhaul the way in which teacher pensions would be funded in the State of New Jersey. Presently, teachers pensions in the State of New Jersey are funded by the State and not the School District or Municipality that employs
As reported in NJ.Com, The Boards of Trustees of New Jersey’s largest pension funds plan to launch a probe into how the state awards fees incurred in managing pension fund investments. The Public Employees Retirement System Board of Trustees voted to conduct a forensic audit of the fund’s expenses, following a similar vote by the
On March 11, 2015, we posted a blog wherein Senator Sweeney stated that Governor Christie needed to change his tactics at the bargaining table regarding pension reform and if he instead concentrated on “growing” New Jersey’s economy, additional tax revenue would be created that would result in more money to fund the Public Employees’
Yesterday, I received an email from one of our readers, Ed Mecka, from Hoboken, New Jersey, who turned me on to an article regarding the pension crisis that is taking place in Memphis, Tennessee. The crisis in Memphis has caught the national media’s attention, and an article was printed in the Wall Street Journal a
As reported in NJ.Com, the New Jersey League of Municipalities stopped short of taking an official position on Gov. Chris Christie’s proposed pension reforms but stated the proposed changes could disenfranchise workers and trigger a mass exodus of local workers. Executive Director Bill Dressel shared the league’s concerns in a letter to the governor
As reported in NJ.Com, Judge Jacobson’s ruling this week that public worker pension contributions are contractually protected will constrict the state’s ability to balance its budget in the future, Moody’s, a Wall Street rating agency, said today. The flexibility of the state’s pension payment has been “a tool essential” to balancing the budget, Moody’s Investors