Senator Anthony Bucco

February 2, 2009

Contact: Andy Pratt / (609) 292-5199
Senator Anthony R. Bucco (R-25), Senator Joe Pennacchio (R-26), Senator Kevin J. O'Toole (R-40), Senator Philip E. Haines (R-8), Senator Steve Oroho (R-24)

Republican members of the Senate Budget and Appropriations Committee issued the following statement on S-2507, a bill that will cut state aid for school districts based on how much they save by not making full payments into the state pension fund for their non-teaching employees. The bill will be considered by the committee today:

“Republican members of the Budget and Appropriations Committee today reaffirm their unwavering opposition to Governor Corzine’s scheme to deplete the pension funds,” said Anthony Bucco, Republican Budget Officer. “I have asked the chairwoman to delay the committee’s vote on this bill so that the pension provisions can be eliminated from this bill. If they aren’t removed, we will vote against the bill.”

“We owe it to taxpayers and retirees to seriously discuss alternatives to shortchanging the pensions. As written, this bill will ultimately cost taxpayers hundreds of millions of dollars and threaten the secure retirement promised to government employees,” said Kevin O’Toole, Republican Senate Whip.

“It’s long past time for Governor Corzine to stop kicking this state’s fiscal problems down the road, and come up with common-sense solutions to New Jersey’s budget problems,” Senator Phil Haines said.

“This pension gimmick is the ultimate example of the irresponsible budget ‘one shots’ that the governor repeatedly promised not to support,” said Senator Joseph Pennacchio.

“Governor Corzine has offered a false choice between short-changing school kids or short-changing public employees when he should first cut the bloated budget for patronage hires to balance this budget.”

“Years of gimmicks have created a disaster whereby only about 50 percent of the roughly $120 billion in state pension liability is covered today by the value of pension assets,” Senator Steve Oroho said. “If the gimmicks don’t stop, this system will go broke.”

Republican members of the Senate Budget and Appropriations Committee issued the following statement on S-2507, a bill that will cut state aid for school districts based on how much they save by not making full payments into the state pension fund for their non-teaching employees. [...]