Hoboken residents to pay for unapproved pensions

Residents of Hoboken have been slapped with a $4 million bill from the state due to a bungled early retirement deal for city employees. According to state officials, Hoboken agreed to give early retirement

News 12 Staff

Feb 11, 2009, 6:57 PM

Updated 5,639 days ago

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Residents of Hoboken have been slapped with a $4 million bill from the state due to a bungled early retirement deal for city employees.
According to state officials, Hoboken agreed to give early retirement to 25 employees, but never got the early retirement offer approved by the state. The pension costs for the 25 workers totals to more than $4 million, or $400 per Hoboken household.
The State Treasurer?s Office says the state can?t ask taxpayers to assume the cost because the plan was never approved, which means Hoboken residents will pay the price.
Hoboken?s mayor, David Roberts, told the Star-Ledger the city was already experiencing financial trouble and he?s not sure where it will find the money to pay the bill.
"We were trying to be creative in coming up with ways of lessening these payrolls," Roberts says. "I was shocked to learn of this."
The state says Bergen County has also been sent a bill for an unapproved early retirement offer, which will cost about $1 million.


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