Scroll Top

Buono: Pension & Benefits Reform Package Needed Now More Than Ever

News & Releases

TRENTON – Senate Majority Leader Barbara Buono, a prime sponsor of one of the pension reform bills released today, praised the Senate State Government Committee’s swift action on the issue of public employee pension and benefits reform and predicted overwhelming passage of each of the measures on Monday.

Buono is the prime sponsor of one of the reform bills (S-4), which would, among other things, uniformly rein in exorbitant payouts for accrued sick and vacation time by requiring local government and school employees to adhere to some of the reforms approved in 2006 for state employees. This would include limiting sick leave payout to $15,000 and allowing only one year’s worth of vacation time to be carried over from year-to-year. Buono (D-Middlesex) issued the following statement:

“Our public employee pension and benefits system, which is the largest driver of local property taxes, is about to collapse under its own weight and taxpayers can no longer afford to prop it up.

“In the current fiscal year, the health care costs for state and local employees and retirees accounted for a staggering eight percent, or $2.36 billion, of the state budget. When it comes to pensions, the entire system is estimated to be underfunded at upwards of $34 billion because we are paying out more than we put in.

“Nationally, state and local government employers spend 72.8 percent more on employee benefits than private sector employers. Similarly, the average state employee contributes 12 percent to their healthcare premiums while private sector employees contribute, on average, 22.6 percent.

“These mounting statistics make it clear that our present system is no longer sustainable. The reforms approved today will enable us to fulfill our promise to provide a dignified retirement for our hard-working, full-time career public servants while creating the long-term, cost-saving changes needed to shore up our system for future employees.

“More importantly, these measures will relieve some of the enormous pressure being placed on property taxpayers.

“Come Monday, I am certain that my Senate colleagues will speak with a clear and singular voice and overwhelmingly pass each of these bills.”

# # #

Related Posts

Buono Statement On Newly Introduced Pension & Benefits Reform Package

TRENTON – Senate Majority Leader Barbara Buono (D-Middlesex), a prime sponsor of one of the pension reform bills unveiled today, issued the following statement sizing up the current state of New Jersey’s pension and benefits system and underscoring the need for swift and bold action:

“We introduced a package of pension and benefit reform bills this week because our plans are in dire straits and our taxpayers can no longer afford them. In fact, the situation is so bleak that if the state plans were funded by a private business, it would have already declared bankruptcy and terminated them.

09 Feb 2010
Sarlo-Turner-Girgenti ‘Main Street Business Assistance Program’ Signed Into Law

TRENTON – A bill sponsored by Senators Paul A. Sarlo and Shirley K. Turner and co-sponsored by Senator John A. Girgenti which will establish the “Main Street Business Assistance Program” to support local small and mid-sized businesses in the State was signed into law today by Governor Corzine.

“The economic success of New Jersey lies in the thriving small and mid-sized businesses found along local throughways throughout the State,” said Senator Sarlo, D-Bergen, Essex and Passaic, and Vice Chairman of the Senate Budget and Appropriations Committee. “However, as the economy gets worse, consumers have less expendable income to spend, meaning that many of these businesses do not have the resources to survive the current national crisis. Through this new law, New Jersey is doing its part to protect businesses that have long-standing roots in the State, and in so doing, we’re preserving the economic engine that drives so many local communities.”

16 Dec 2008
Sarlo-Turner ‘Main Street Business Assistance Program’ Bill Approved

TRENTON – A bill sponsored by Senators Paul A. Sarlo and Shirley K. Turner which would establish the “Main Street Business Assistance Program” to support local small and mid-sized businesses in the State was approved by the full Senate today by a vote of 37-3, receiving final legislative approval.

“New Jersey’s economic strength depends heavily on the many small and mid-sized businesses which dot our local landscapes and set up shop in storefronts along our major thoroughfares,” said Senator Sarlo, D-Bergen, Essex and Passaic, and Vice Chairman of the Senate Budget and Appropriations Committee. “These are businesses built from the ground up, by New Jerseyans and for New Jerseyans, providing access to jobs and investing in our communities. As we work to address the fall-out from the biggest economic meltdown since the Great Depression, we need to continue to support small and mid-sized business growth, and protect these businesses from the worst of the national crisis.”

24 Nov 2008
Preview – Senate To Vote On School Accountability, Pilot County School District Program Monday

TRENTON – The State Senate is set to vote on measures which would require greater accountability from school districts and establish a pilot program to look at the effectiveness of county administrative school districts on Monday.

“We’re looking forward to diving back into property taxes on Monday, voting on several of the special session committee recommendations, and hammering out further agreements on many of the remaining recommendations,” said Senate President Codey, D-Essex.

05 Jan 2007
Senate Passes School Accountability Bill

TRENTON – The Senate today gave final approval (35-0) to a bill that would make it easier for local taxpayers to detect when school boards are wasting public money on administrators instead of focusing on the learning needs of children.

It now goes to the Governor’s Office for enactment.

“We want school districts to describe their spending plans in language regular people can understand,” said Senator Joseph V. Doria Jr., a prime sponsor of the bill, S-4/A-5. “You shouldn’t have to be a CPA (certified public accountant) to figure out how your school board wants to spend your money.”

08 Jan 2007
Sarlo ‘Main Street Business Assistance Program’ Bill Advances

TRENTON – A bill sponsored by Senator Paul A. Sarlo which would establish the “Main Street Business Assistance Program” to support local small and mid-sized businesses in the State was approved by the Senate Budget and Appropriations Committee today by a vote of 9-0, with 4 abstentions.

“During this time of nearly unprecedented economic crisis, we need to encourage small and mid-sized businesses to continue to invest in our communities and expand economic development in the Garden State,” said Senator Sarlo, D-Bergen, Essex and Passaic, and Vice Chairman of the Senate Budget Committee. “Without the continued support of our business industry – and especially small and mid-sized businesses – our communities would crumble, unable to meet infrastructure needs or provide jobs for a willing workforce. Our economic salvation during the current national recession is going to come in the form of small and mid-sized business growth and continued local economic growth.”

13 Nov 2008