Senator Jennifer Beck (R-12) called the pension reform legislation passed by the Senate today an important first step toward comprehensive pension reform.
“This legislation moves our pension funds closer to solvency,” Beck stated. “It’s an important first step toward comprehensive pension reform, and it has won bipartisan support.”
The legislation prospectively requires workers to receive at least $7,500 in annual compensation to be eligible for 401K style plan, raises the allowable retirement age to 62 from 60, and eliminates Lincoln’s birthday as a state holiday.
“I will continue my efforts toward common-sense pension reform measures that will make New Jersey more affordable while being realistic and fair to public employees, ” Beck said. “Specifically, I will work to advance legislation that ends pension padding and limits the benefits of part-time workers and political appointees.”
Beck and other Republicans have presented their plans for pension reform as part of their Common Sense Plan for an Affordable New Jersey at SenateNJ.com.
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June 12, 2008
