Thread: Dear Everyone Who Works For The Government: This Is Your Fut

Dear Everyone Who Works For The Government: This Is Your Future
Robert Johnson | Jun. 8, 2011, 1:23 PM | 4,474 | comment 49


NJ Governor Chris Christie GOP



Image: AP

In an effort to balance his state's pension system, New Jersey Governor Chris Christie has reached a deal with the Senate cutting benefits for state employees.

Lisa Fleisher at WSJ broke the news.

Some key details:

Require current employees to give up more of their salary into the pension system.

Give up annual cost of living increases.

Pay a percentage of their health care premiums in a tiered system based on their salary.

Require new employees to work longer to get full benefits.

Contractually require the state to make payments into the fund.

Appoint a labor-management board system to be put in place to monitor the system.

Give up the governor's right to impose a contract and instead appoint a mediator if impasses arise.

Effective immediately teachers and state employees will increase their pension contributions from 5.5% to 6.5% with another 1% increase phased in over seven years.

State police, firefighters, and municipal law enforcement will increase their contributions from 8.5% of their salary to 10%.

Judges will see increases from 3% to 12% contributions.

Only current employees with less than 25 years in the system will be affected.

The plan hopes to make the pension system 80% funded in 30 years -- a rate considered ideal in state systems where money is constantly coming in.

Read more: http://www.businessinsider.com/new-jers ... z1OieYuypU


Kathyet

And there are folks out there, and in amongst the talking heads that advocated for this fellow to run for POTUS!!??

Give up the governor's right to impose a contract and instead appoint a mediator if impasses arise.