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DeAngelo: Plugging Budget Loophole with Pension Payments Burdens Working-Class Public Employees

May 20, 2013

Following Gov. Chris Christie's announcement regarding closing the budget deficits for Fiscal Year 2014 and Fiscal Year 2015, which includes cutting and delaying pension payments for public employees, Assemblyman Wayne P. DeAngelo (D-Mercer/Middlesex) released the following statement:

"It is deeply troubling that a large portion of the Governor's plan to plug his budget loophole is to slash and postpone pension payments for working-class public employees. After more than four years in office, we cannot continue to blame the pension problem on the past nor should the problem be compounded simply by kicking the can down the road.

"The pension system for retirees and active employees must be made solvent to ensure that those who serve the people of New Jersey and pay their fair share into it are provided with their retirement benefits that they have earned. Failing to pay the unfunded liability of the pension system will only compound the existing problem. Dramatically cutting payments and pushing them off only makes the problem worse, not just for the financial stability of the pension system, but particularly for the families of these workers. 

"Along with the thousands of public employees in my district, I anxiously await the Governor's plan he has said he will put forth regarding pension and health benefits and hope that it is responsible and fair proposal that respects the middle-class workers." 


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