Legislative Group Report Says 401(k)-Style Plans Should Replace NJ Pensions
Economic and tax experts today recommended moving new and some current public employees into a 401(k)-style retirement plan instead of the underfunded NJ pensions system and providing them with a more affordable health benefits plan.
These are just two of the numerous recommendations to come from a 25-member Economic and Fiscal Policy Workgroup created by
In a statement, NJBIA President and CEO
"While these ideas will require further review and appropriate stakeholder input, there is no question
"We need to see
The recommendations include:
* shifting new hires and public employees with less than five years of service into a sustainable "hybrid" retirement plan.
* shifting from Affordable Care Act Platinum-level health plans to Gold-level for public employees and retirees;
* merging School Employees Health Benefits Program into the State Health Benefits Plan;
* focusing additional tax incentives toward small businesses; and
* merging partial school districts (those with K-4 to K-9 classes) into K-12 regional districts;
See the full report here (https://www.njbia.org/wp-content/uploads/2018/08/Economic-and-Fiscal-Policy-Report.pdf).
Siekerka thanked the group for its work.
"NJBIA thanks the bipartisan leadership of
"We look forward to working with the Legislature to advance proposals that will begin to set
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