Local governments in New Jersey are receiving statewide savings of $116 million for fiscal 2013 due to the state’s pension reforms, Gov. Chris Christie
The reforms, signed into law in June 2011, have resulted in over $43 million in local government savings from the Police and Firemen’s Retirement Systems and over $72 million from the Public Employees’ Retirement System, according to the Republican governor.
“Our willingness to make the tough choices and achieve progress on meaningful reforms in a bipartisan way is continuing to deliver millions in long-term, sustainable property-tax relief for our middle-class families,” Christie said in his statement.
The state has projected that the reforms will save over $120 billion over 30 years. Last year, the reforms saved taxpayers $267 million.
Savings breakdowns of the $116 million for each local government in New Jersey can be assessed on the Department of Treasury’s website.
