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New Jersey Bill Puts More Money in Workers’ Pockets
A new bill reducing the amount that New Jersey’s public workers contribute to their pension plan will mean more take-home pay for 260,000 state and local government employees.
Gov. Christie Whitman signed the bill into law Jan.18, the last day of the legislative session. The State Assembly passed it by an overwhelming majority a week earlier.
Larry Mancino, CWA vice president for District 1, credited the bill’s success to hard work by CWA members and other unions. “This comes as a result of our members’ aggressive mobilization and political action program, in a joint effort with the other public employee unions and the New Jersey state AFL-CIO,” he said.
Mancino also praised the efforts of state Senate President Donald DiFrancesco, prime sponsor of the legislation, and Assembly Speaker Jack Collins.
Brooks Sunkett, CWA vice president for public workers, hailed the accomplishment. “This is certainly good news for our members, who have served the state loyally in both good and bad economic times,” he said.
Workers in the Public Employees Retirement System, or PERS, have been paying about 5 percent of their salary toward their pension. The figure is being reduced by 1.5 percent under the bill, saving workers about $252 million between now and the end of 2001.
“The 50,000 public employees represented by CWA will take home an average of $600 more in their paychecks over the next two years,” Mancino said. “And that’s on top of the wage increases we’ve negotiated with employers.” For CWA-represented state employees, those increases amount to 14 percent over the next four years.
The bill allows the contributions to be reduced again by as much as 2 percent after two years if the fund is healthy. If it isn’t, the contributions could be increased.
But CWA leaders say they expect the fund to thrive. District 1 Area Director Robert Pursell said the fund is estimated to have more than $8 billion in excess assets, a figure that continues to grow. The bill “will not cost the taxpayers one dime, and the pension fund will remain very healthy,” he said.
Gov. Christie Whitman signed the bill into law Jan.18, the last day of the legislative session. The State Assembly passed it by an overwhelming majority a week earlier.
Larry Mancino, CWA vice president for District 1, credited the bill’s success to hard work by CWA members and other unions. “This comes as a result of our members’ aggressive mobilization and political action program, in a joint effort with the other public employee unions and the New Jersey state AFL-CIO,” he said.
Mancino also praised the efforts of state Senate President Donald DiFrancesco, prime sponsor of the legislation, and Assembly Speaker Jack Collins.
Brooks Sunkett, CWA vice president for public workers, hailed the accomplishment. “This is certainly good news for our members, who have served the state loyally in both good and bad economic times,” he said.
Workers in the Public Employees Retirement System, or PERS, have been paying about 5 percent of their salary toward their pension. The figure is being reduced by 1.5 percent under the bill, saving workers about $252 million between now and the end of 2001.
“The 50,000 public employees represented by CWA will take home an average of $600 more in their paychecks over the next two years,” Mancino said. “And that’s on top of the wage increases we’ve negotiated with employers.” For CWA-represented state employees, those increases amount to 14 percent over the next four years.
The bill allows the contributions to be reduced again by as much as 2 percent after two years if the fund is healthy. If it isn’t, the contributions could be increased.
But CWA leaders say they expect the fund to thrive. District 1 Area Director Robert Pursell said the fund is estimated to have more than $8 billion in excess assets, a figure that continues to grow. The bill “will not cost the taxpayers one dime, and the pension fund will remain very healthy,” he said.