Measure Will Save Property Taxpayers More Than $100 Billion
Senator Joe Pennacchio, a member of the Senate Budget and Appropriations Committee, issued the following statement regarding the compromise reached on pension and health benefits reform by the Legislature and the Governor. Senator Pennacchio will be a Co-Prime sponsor of the legislation, S-2397.
“The pension and health benefits reform agreement reached today will save the taxpayers of New Jersey more than $100 billion. This tax relief will help middle-class families preserve the high quality of life in New Jersey.
“It is clear to everyone that the current pension and health benefits package is unsustainable. Public employees were made promises that were unsustainable, that the state could never keep.
“If we do nothing, the pension systems will default within the next few years. This will leave hard-working, rank-and-file retirees without any pension or health benefits at all.
“The prudent compromise struck today will ensure that the retirement and health care benefits of current and future retirees will be protected.”