Senator Diane Allen, R-District 7, said she is deeply concerned by the willingness of so many state lawmakers to support a proposal that will put the pensions of public employees at risk and force steep future property tax increases on residents of her district.
“Governor Corzine’s proposal would make our weakened pension system even weaker. If approved, it will vastly increases the odds that taxpayers one day will have to choose between keeping promises to public employees or accepting crippling tax increases and service cuts.
“The support for this pension proposal sadly is another sign that Trenton is willing to gamble with workers’ retirements. Pension benefits are earned. They are promised compensation for the hard work put in by police officers, firefighters and other public employees. We should be making the contributions necessary to ensure our promises will be kept.
“For towns, the pension gimmick is the same as borrowing money to meet current government expenses. It’s a loan that villages and towns will have to pay back at an estimated 8.25 percent interest, far higher than if they borrowed from a local bank.
“Lawmakers have promised benefits to public employees. They’ve also promised taxpayers they will manage their money responsibly. I urge my fellow lawmakers to keep their promises, and vote against a plan that will imperil pensions and lead towns to make decisions that will ultimately raise property taxes and make our state less affordable for middle class residents.”
Short Link to this Post:
http://bit.ly/dlqL7N
Recommended Posts:
Similar Posts:
- Sean Kean Joins Governor’s Call for Constitutional Amendment to Make Clear Pension & Benefit Reforms Apply to Judges
October 25, 2011 - Pennacchio: Report Demonstrates the Critical Need to Rescue Pension and Health Benefits Funds
April 26, 2011 - Tom Kean: “Pension, Benefits Reforms Save Taxpayers Billions, Put State on Better Course”
June 28, 2011 - Pennacchio Statement on Rescue of Pension and Health Benefits System
June 16, 2011 - Addiego Applauds Passage of Comprehensive Pension Reform
June 20, 2011
