State says towns will realize $43M in pension cost savings this fiscal year

TRENTON – The state has issued a town-by-town breakdown of its pension cost contributions and savings projections for fiscal year 2012.

The governor’s office stated in a release that municipalities will see approximately $43 million in pensions cost savings in this fiscal year, part of a projected $43 billion in savings over the next 30 years.

Over the next 30 years, the state pension contribution will be $148 billion, a projected savings of nearly $80 billion. Without reform, the state was projected to contribute $227 billion over the same period, according to the governor’s office.

Similarly, over the next 30 years, local government pension contributions will be $70 billion, a projected savings of nearly $43 billion, according to the governor’s office. Without reform, local governments were projected to contribute $113 billion over the same period, Gov. Christie’s office reported.

A savings breakdown of Fiscal Year 2012 pension cost savings for each local government in New Jersey – municipalities, counties, school districts and other local government units – can be accessed at the Department of Treasury’s website here:

https://nyoobserver.files.wordpress.com/2011/07/2012-pers-comparison-revised-781.pdf

State says towns will realize $43M in pension cost savings this fiscal year