Governor Chris Christie is about to guarantee his re-election...

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N.J. Nears Deal to Cut Pensions, Benefits

New Jersey Gov. Chris Christie and Senate legislative leaders have reached a deal to cut pensions and benefits for current public employees, according to a person familiar with the matter.

The deal would require workers to pay more of their salaries into the pension system, give up annual cost-of-living increases and pay a percentage of their health care premiums in a tiered system based on their salary, this person said. New employees would have to work longer to get full benefits. Current retirees would not be affected by the deal, nor will people who have at least 25 years in the system.

Top Democratic lawmakers appear to support the proposal. Senate President Stephen Sweeney ... believes he has the votes in his caucus to make it work.

...

Under the deal, teachers and state workers will immediately increase their contributions to the pension system from 5.5% of their salary to 6.5%, with an additional 1% contribution phased in over seven years. State police, municipal police and firefighters will increase their contributions immediately from 8.5% of salary to 10%. Judges will need to increase contributions from 3% to 12%.

Automatic cost-of-living adjustments will be eliminated. New employees would have to work longer to get full pension benefits.

As for health care, employees would have to pay up to 30% of the cost of the premiums, depending on their salaries. The contribution would be phased in over four years.

[one...two...tree 2,762]

How much is this projected to save the state?

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The deal, which has yet to be officially announced, comes more than nine months after Christie announced his proposals for cuts to help balance a pension system that was $53.9 billion underfunded at last count.

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The goal is to make the pension system 80% funded in 30 years — a target that is seen as healthy. Pension systems, which take in money as it’s paid out, are not seen as needing to be 100% funded.

[Saddle Bronc 124]

No surprise that the governor of the Garbage State uses what could be construed as garbage tactics.

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No surprise that the governor of the Garbage State uses what could be construed as garbage tactics.

Only a dirty liberal would oppose pension reform. Begone, DFH.

[Hilarious Clinton 452]

Underfunded pensions? pfffft..... have Obama write NJ a check.

[mawilson 2,133]

Under the deal, teachers and state workers will immediately increase their contributions to the pension system from 5.5% of their salary to 6.5%, with an additional 1% contribution phased in over seven years.

Wow, 1 percent phased in over 7 years. That's gotta hurt.

Or as Democrats call it, "draconian measures".

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Wow, 1 percent phased in over 7 years. That's gotta hurt.

Or as Democrats call it, "draconian measures".

With all due respect, the Democratic Party in this state pushed this measured and put it on the Governor's desk for his signature. This would not have happened were it not for them.

[mawilson 2,133]

With all due respect, the Democratic Party in this state pushed this measured and put it on the Governor's desk for his signature. This would not have happened were it not for them.

I know man - I was just kidding.