Governor’s State Employee Benefits Report
Gov. Jon Corzine’s Budget and Reengineering Government Transition Policy Group report states:
The severe and complex budget problem posed by the State's pension and post-retirement healthcare obligations requires swift action. The State has unfunded liabilities in its retirement and health care programs that probably exceed $30 billion.
In conjunction with reducing the gap between the assets and liabilities of the plans, a multi-year strategy to curtail the growth rate of the benefits needs to be implemented. The programs need to be brought into line with the State's ability to pay and known abuses must be reversed.
Implement the actionable recommendations of the Pension Task Force immediately and consider changes that ultimately go beyond the recommendations of the Pension Task Force.
The Pension Task Force report, submitted November 2005, may be read here.
New Jersey Government; New Jersey Taxes; New Jersey State Worker Benefits
The severe and complex budget problem posed by the State's pension and post-retirement healthcare obligations requires swift action. The State has unfunded liabilities in its retirement and health care programs that probably exceed $30 billion.
In conjunction with reducing the gap between the assets and liabilities of the plans, a multi-year strategy to curtail the growth rate of the benefits needs to be implemented. The programs need to be brought into line with the State's ability to pay and known abuses must be reversed.
Implement the actionable recommendations of the Pension Task Force immediately and consider changes that ultimately go beyond the recommendations of the Pension Task Force.
The Pension Task Force report, submitted November 2005, may be read here.
New Jersey Government; New Jersey Taxes; New Jersey State Worker Benefits
