Excerpt:
There’s a new effort underway in Trenton to reopen New Jersey’s pension system to politicians.
State Sen. Joe Cryan (D-Union) introduced legislation Monday that would allow politicians who held pensionable public jobs before they were elected to a public office to re-enroll in the system from which they‘ve been barred for almost 14 years.
The bill, introduced in the midst of the lame duck session, would partially reverse a pension reform law enacted during former Gov. Jon Corzine’s administration. Under that law, officials elected after July 1, 2007, were not enrolled in the Public Employees Retirement System (PERS), but shifted instead to a less-generous retirement plan similar to a 401(k).
Author(s): MATT FRIEDMAN
Publication Date: 8 Dec 2021
Publication Site: Politico