Pension in Danger
The Legislature has drafted a series of bills that have major impact to our pensions. We know the timing is awful but that should only prove how very important it is that we get members out on June 12 -
Lobby Day:
The potential proposed legislative changes take the following form:
1. Change the pension formula to utilize the highest five (5) years of salary instead of the current three (3). Change the veteran’s formula to utilize the highest three (3) years of salary instead of the current one (1).
2. Change the threshold for entitlement to a defined benefit pension (TPAF/PERS) to a set number of hours per week instead of the current minimum salary.
3. People would have to select one job / pension system for life.
4. Anyone earning $10,000 or less per year would only be entitled to a Defined Contribution plan. Anyone working less than 35 hours per week would not be entitled to health insurance.
5. Purchases of out-of-state pension credit would not count towards eligibility (25+ years) for post-retirement health insurance benefits.
NJ State Senators Sweeney, Lesniak, Buono, and Scuteri have been identified as prime movers / supporters of this series of bills.
These bills – or other similar bills – could be introduced as early as tomorrow (Friday) or Monday. Support for these bills is also connected to support for the NJ State Budget which will be introduced in the same timeframe.
*This will not be a typical Lobby Day. In addition to speaking with legislators there will be other special activities.
Please email Dawn Sacks with the names and the number of members that will be attending by Wednesday the 11th at dsacks@njea.org.
Information on travel, parking, and other logistics will follow.
Presidents are advised to approach superintendents to cooperate in releasing members. Pensions and benefits are issues of mutual concern to our members and admininstration alike.
If you as local presidents need UniServ to get involved with release time feel free to contact Donna and Gail.
