Pennacchio: Pension Reform Needed

February 5, 2008

Contact: John Gorman / 609-292-5199
Senator Joe Pennacchio (R-26)

Would Save Taxpayers Over $200 Million

Senator Joe Pennacchio (R-26) is continuing to answer Governor Corzine’s call to find cuts in state spending, as opposed to increasing tolls, in order to balance the budget and pay down state debt. Senator Pennacchio is calling on the Governor to use his constitutional authority to reform the state pension system.

“New Jersey’s state employee pension and health benefits system needs substantial reform if we are going to successfully cut wasteful spending from the budget,” stated Pennacchio. “Ending health benefits for part time public employees, eliminating dual office holding for all public officials and stopping the practice of arbitrary salary hikes to boost an individuals pension are just a few of the reforms that need to be implemented.”

“We need to enact meaningful reform measures that will control the costs of benefits, while at the same time ensuring a fair and equitable system for the state’s public employees,” concluded Pennacchio.

Other ideas Senator Pennacchio has recently suggested to cut state spending include:
Eliminate special municipal aid
$200,000,000
End Christmas tree spending
$100,000,000
Eliminate political patronage positions
$ 70,000,000
Roll back increases for Abbott Districts
$140,000,000
Eliminate Governor’s Contingency Fund
$ 875,000
Cut back BPU’s “confidential employees”
$ 2,000,000
Eliminate Department of Personnel
$ 10,000,000
Eliminate Department of the Public Advocate
$ 6,256,000
Eliminate New Jersey Law Review Commission
$ 321,000
Eliminate Revenue Sharing Of UEZ
$ 102,000,000
Reform Pension System
$ 200,000,000
Total Savings:
$831,577,000