Hackensack borrows nearly $5M to cover retirements
(AP) - One New Jersey city had to borrow nearly$5 million to cover unused sick and vacation days for employees whoare retiring this year.
A wave of public employees in Hackensack decided to cash in ontheir benefits before Gov. Chris Christie caps payouts at $15,000.The cap is part of Christie's plan to curtail the nation's highestproperty taxes.
Hackensack can't afford to make payments from its operatingbudget to the 33 public employees who have either retired orsubmitted notices that they plan to retire this year.
City records show one police captain accumulated more than$300,000 worth of time. Nine employees will receive more than$200,000.