NJ Dems, GOP offer competing pension reform plans

TRENTON - (AP) - There are now competing plans to bolsterNew Jersey's depleted pension funds.

Republicans in the Legislature introduced bills on Monday thatmirror Governor Chris Christie's proposal requiring publicemployees to work longer and contribute more to their retirementfunds.

Senate President Stephen Sweeney, the most powerful Democrat inthe state Legislature, has put forth his own pension proposal. Hisbill creates labor-management boards to set workers' annual pensioncontributions based on the solvency of the system. His changesaffect prospective and non-vested employees.

Sweeney, who controls the legislative agenda, says the GOPproposal is probably illegal and would be subject to years oflitigation by vested workers and retirees.

Christie also wants to roll back a 9 percent pension increase.Sweeney wants workers to pay more for the enhanced benefit.

advertisement | advertise on News 12

Trending Video

Two state troopers came to the aid of 1 New Jersey state troopers help deliver baby on I-287
2 VIDEO: Brooklyn Botanic Garden to host annual Sakura Matsuri Festival
A high school girls lacrosse team 3 HS lacrosse team 'adopts' 8-year-old fighting brain cancer
Tamaj Lemmon has been charged with the murder 4 Arrest made in fatal weekend shooting in Paterson
Manta rays, dragons, octopuses and more littered the 5 Kite festival kicks off in Long Branch

advertisement | advertise on News 12


It's good to know you have Walt Kane Kane in Your Corner

It's good to know you have Walt Kane in your corner.

News 12 takes a look at the hottest Tech Check

Eric Landskroner has a look at the latest gadgets and biggest stories in tech.

News 12 On the Scene

Check out these exclusive videos from New Jersey celebs!

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.