New Jersey’s pension crisis has come to the forefront in recent days with the introduction of two competing pension reform plans in the legislature. Senate President Steve Sweeney has introduced S-2696, while Republicans in both the Assembly and the Senate have introduced A-3796 / S-2705, which makes changes proposed previously by Gov. Christie. Click on the links above to see the full text of the bills.
NJEA is currently analyzing both bills. A preliminary analysis is now available. Check back often for other updates.
This issue is not new, and most of the proposals contained in the bills have been discussed previously. NJEA has been studying this issue in depth for many months.
We have retained actuaries to provide us with an honest, sober assessment of the current state of the pension funds, and to help us understand what is needed to return them to stability.
We have also consulted with attorneys to make sure we fully understand the legal ramifications of any changes to the structure of our members’ pensions or their level of benefits. And we have staff with expertise in this area working to help us form and carry out our strategy to protect NJEA members’ pensions.
After months of study and preparation, we expect events to unfold very quickly over the next several weeks. We will do all we can to keep members informed of both what is being discussed in the legislature and what NJEA is doing to ensure the security of your pension.
For more information on pensions, visit the Pensions & Benefits page.