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NFIB/New Jersey supports Pension Reform

Author: L Ehlbeck Date: January 16, 2008

Recent NFIB/New Jersey victories:

NFIB/New Jersey supports Pension Reform

The New Jersey legislature has passed a bipartisan package of pension reform bills that have been signed by Governor Chris Christie.   The NFIB/New Jersey supported measures that are designed to reduce the cost of public employees’ pension and healthcare benefits to help put New Jersey’s finances in order. 

The following bills, supported by NFIB/New Jersey were signed by the Governor:

  • S-2/A-2461, which eliminates for new employees a 2001 pension-benefits increase of 9 percent, reduces pension costs for new employees by changing the formula for calculating payouts, and limits the participation in pension plans to full-time employees 
  • S-3/A2460, which requires all public employees to pay at least 1.5 percent of their salary towards their health benefits after the expiration of their current contract, and requires all newly hired employees to pay at least 1.5 percent of their base pension toward health benefits upon retirement.

NFIB/New Jersey indicated strong support for this legislation that will begin to reform the public employee benefit and reform program.  The benefit crisis in New Jersey is a tremendously difficult issue – one that can only be solved by everyone working together to find innovative and dynamic solutions.  New Jersey's long-term budget forecast is seriously threatened by the state’s current policies toward public health benefits and pensions.  NFIB/New Jersey small business members believe that these bills are a great step in the right direction.

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