Pension Reforms Delayed!

On June 23, 2008, the New Jersey State Legislature enacted several reforms to the State’s pension system which are still awaiting Governor Corzine’s signature to make them into law. The reforms include raising the retirement age from 60 to 62, prohibiting public employees from counting time spent working in other states towards the 25 years of work required to quality for lifetime New Jersey health benefits, and eliminating Lincoln’s Birthday as a state holiday. They were recommended by a pension reform task force two years earlier and could save the State’s taxpayers $300 million over 15 years.

Unfortunately, Governor Corzine has refused to give the green light to implement them. Had he signed the legislation directly after the June vote, the reforms would have been effective August 1, 2008, affecting all new public employees hired after that date. Hundreds of employees have been hired since August 1, 2008, and more continue to be placed on the State payroll each day while the legislation awaits his signature.

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Michael M. Shapiro, founder of ShapTalk.com, is an attorney who resides in New Providence, New Jersey. He currently serves as the Editor of The Alternative Press Contact Mike at mike@shaptalk.com