Lawmakers take action to prevent retirement payouts
After reports of two huge retirement payouts for superintendents surfaced, lawmakers are taking action to prevent a similar incident from happening again.
Hoboken Superintendent Patrick Gagliardi recently retired with nearly $600,000 in cash. Additionally, Keansburg Superintendent Barbara Trzeskowski was set to retire with close to $740,000, until the state went to court in an attempt to block that deal.
The new bill, sponsored by Assemblyman Joe Cryan, would put an end to all retirement payouts besides unused sick and vacation time. Even that would be capped at $30,000. Unlike a reform law passed last year, Cryan?s bill would apply to current contracts, not just ones in the future.
The bill still needs to be approved by the Senate, which may be difficult since Cryan doesn?t have a Senate sponsor yet.
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