April 4, 2006

Bill proposing change in pension formula pulled!

You may have heard about a bill known as S-1668. This legislation would have diminished your pension benefit by reducing the pension formula from n/55 to n/60.

The GOOD NEWS is that the sponsors have agreed to WITHDRAW THIS LEGISLATION!

The paperwork has been filed to withdraw this bill so that it can no longer be considered by the Legislature. The Legislature is currently on budget break so that action cannot be made official until they return to session in May. CONGRATULATIONS ON A JOB WELL DONE! The advocacy efforts of NJEA members really made a difference in this battle.

You need not contact your legislators about S-1668 anymore because the bill will be withdrawn. The financial stability of the pension fund, however, is still very much an issue, and NJEA needs your help!

In his budget address, The Governor recommended that the State pay $837.6 million into the State’s debt-plagued public employee pension fund. Some legislators, however, think this is too generous a contribution. Please contact your legislators and let them know that you support Governor Corzine’s recommended contribution to the pension system.

One easy way to contact your legislators is to go to www.njea.org. Click on “Legislative Action”, and then “Cyberlobbying” on the drop down menu. Log in by entering your PIN (it’s on your membership card) and your password (it’s the last 4 digits of your Social Security number). You will see an action alert entitled “Preserve your pensions and benefits.” Click “Take Action” and follow the instructions to send e-mail to your legislators today!