Pension Costs Latest Threat to Boost Property Taxes
November 3, 2022 | njspotlightnews.org
County and municipal governments are once again preparing to pay more to cover employee pension costs, presenting another big challenge for officials aiming to hold the line on New Jersey’s record-high property-tax bills.
The total cost of funding pension benefits for workers employed by county and municipal governments in New Jersey is set to rise in 2023 by nearly 10%, according to the latest billing figures made public by the state Department of Treasury.
NJ SEED: NJ’s public employees from state government to local school districts often serve at or below salary and benefit levels that could be enjoyed in the private sector. They deserve a secure, pension program and benefits commensurate with their service. It remains a problem in a high-property tax state like NJ for local governments in particular to fund obligations to their workers.