NJ State Senate approves pension changes

The New Jersey State Senate has approved changes to the pension system for public employees. Senators voted 36-to-0 in favor of a package of three pension reform bills.

The New Jersey State Senate has approved changes to the pension system for public employees. Senators voted 36-to-0 in favor of a package of three pension reform bills. [audio: 100222PGPENSION.mp3]

Senator Michael Doherty says one of those measures that requires workers to contribute to their health insurance costs will save municipalities money.

Senator Michael Doherty: For local governmental entities this is going to result in a savings in just the year 2011 alone of almost a third of a billion dollars. The year after that those numbers are just going to grow.

Senators say other measures that exclude part time workers from participating in the pension system and limit sick leave payouts to retiring employees will reduce pension costs over the long term..

Similar versions of the bills are expected to be introduced in the state Assembly later this week.