Senate Bill 1962, legislation sponsored by Senate Republican Leader Thomas Kean that would require state employees to work at least 35 hours per week to garner state pension benefits, cleared the Senate State Government Committee today. The bill would also raise the annual salary requirement to enroll in Defined Benefit Retirement Program from $1,500 per year to $5,000 per year.
“The fiscal health of the state pension systems have been neglected for far too long,” Kean stated. “This measure will end some of the most egregious abuses of the pension system while protecting hard-working dedicated state employees who provide valuable services to all of the residents of New Jersey.”
The reforms in this measure will only apply to newly hired employees enrolled in the Public Employees’ Retirement System (PERS) and the Teachers’ Pension and Annuity Fund (TPAF). Under current law, public employees only have to earn $1,500 annually to be enrolled in PERS or TPAF.
“Reform of the State pension system is long overdue,” Kean continued. “We must root out waste and patronage in order to protect the pocketbooks of middle class taxpayers. Additionally, this will ensure the health of the two largest state pension systems which are facing a total unfunded liability of nearly $25 billion.”
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June 10, 2008
