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


SBA Economic Injury Disaster Loans Available to Utah Small Businesses
Disaster Unemployment Assistance Benefits Now Available for Those Affected by the Shasta County Wildfire
Advisor News
- What to discuss during the first retirement planning meeting
- Inflation, competing priorities and uncertainty erode retirement security
- As health premiums rise, 1 in 8 workers cut retirement savings
- CT governor’s candidates claims: What’s true, and what’s misleading
- Retaining clients by giving them a memorable experience
More Advisor NewsAnnuity News
- National Life Group expands annuity portfolio
- AM Best to Join Life/Annuity Insurance-Focused Panel Discussion at Capitol Forum Event
- USAA Earns No. 1 Ranking in JD Power Individual Annuity Study for the Third Consecutive Year
- How flexible annuities fit today’s retirement portfolios
- Foresters Financial appoints Tom Ross as chief distribution officer for U.S. annuity sales
More Annuity NewsHealth/Employee Benefits News
- OVERVIEW OF RURAL HOSPITALS IN CALIFORNIA
- PROTECT YOURSELF AND YOUR LOVED ONES THIS HOLIDAY SEASON WITH VACCINATIONS
- Les Rubin: What does 'free' Democratic Socialism really cost?
- Indiana Medicaid chief warns changes needed to avoid ‘catastrophic situation’
- Lawton native leads ‘Operation Independence’ at Norman Regional Health System
More Health/Employee Benefits NewsLife Insurance News