Christie Administration Touts Pension Savings
Gloucester Township saves a total of $332,644 on fiscal year 2013 pension contributions.
Gloucester Township will contribute $332,644 less to retirement funds than previously projected for fiscal year 2013 under pension reforms approved by the New Jersey Legislature last year, according to a statement from Gov. Chris Christie's administration.
Camden County governments will save a total of $6.2 million under the revised bills, according to the Christie administration.
Gloucester Township, Gloucester Township Housing Authority, Gloucester Township Municipal Utilities Authority, Gloucester Township Board of Education and five of six Gloucester Township fire districts originally were to contribute a combined total of $5,167,419 to the Police and Firemen’s Retirement System (PFRS) and the Public Employee Retirement System (PERS) for fiscal year 2013. That number has been reduced to $4,834,775.
In addition, the Black Horse Pike Regional School District contribution—the majority of which is footed by taxpayers from Gloucester Township, the district's largest sending town—has been reduced from $821,548 to $752,298.
(Editor's Note: See attached PDF for a breakdown of pension bills for Gloucester Township and other Camden County towns.)
The governor announced Tuesday that "the historic, bipartisan pension reforms signed into law in June 2011 continue to result in millions in savings for Camden County middle-class taxpayers," an administration statement reads. "New lower bills will be provided to local governments today showing county savings of nearly $6.2 million and statewide savings of $116 million due to the pension management reforms implemented under the Christie administration."
The $116 million in savings announced Tuesday is additional, new savings for local governments. The Christie administration attributed the savings to responsible management initiatives by the New Jersey Department of the Treasury and new oversight boards.
Administration officials report that more than $43 million in local government savings come from PFRS and more than $72 million from PERS.
The Christie administration estimates the pension reforms of 2011 will save state and local taxpayers more than $120 billion over 30 years.