Pension Reform Savings

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State of New Jersey

Department of the TreasuryFor Immediate Release For Information Contact:

Oct. 6, 2011 Andy Pratt or Bill Quinn

(609) 633-6565

Governor Chris Christie's Landmark Pension Reforms Deliver

$10.8 Million in Property Tax Relief to Mercer County

Trenton, NJ Governor Chris Christie today announced that the historic, bipartisan pension reforms he

signed into law on June 28 will provide Mercer County communities with $10.8 million in property tax relief

in fiscal year 2012, which began on July 1, 2011. Todays announcement includes $224 million in

statewide local taxpayer savings in the Police and Firemans Retirement System (PFRS) in addition to

previously released savings estimatesof $43 million in the Public Employee Retirement System (PERS),

for a total savings of $267 million across all local governments in the state this year.

This $10.8 million in savings is the direct result of our bipartisan efforts to take on the biggest challenges

facing our state and deliver sustainable, long-term property tax relief to Mercer Countys families and job

creating businesses. Because we took action, New Jersey taxpayers are seeing real results that will

ease strained local budgets and bring government costs under control, Governor Christie said. These

savings are critical to getting our economy moving again and creating jobs, while also protecting the core

local government services New Jerseyans expect and deserve.

This historic pension and benefits reform law provides more than $120 billion of savings on state and

local government pension payments over the next 30 years. Due to the Governors commitment to

reverse two decades of irresponsible neglect of the pension system, New Jerseys taxpayers will now

realize substantial savings over the next three decades.The Governors comprehensive set of reforms means critical savings for state and local

governments and real property tax relief for New Jerseyans.

$79 Billion in State Contribution Savings: Over the next 30 years, the state pension contribution

will be $148 billion, a projected savings of nearly $80 billion. Without reform, the state was

projected to contribute $227 billion over the same period.


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$43 Billion in Local Government Contribution Savings: Over the next 30 years, local government

pension contributions will be $70 billion, a projected savings of nearly $43 billion. Without reform,

local governments were projected to contribute $113 billion over the same period.

These initial savings are just a first installment of benefits that taxpayers will realize under the Governors

landmark pension and benefit reform law, Treasurer Andrew Sidamon-Eristoff said. New Jersey

communities, from big to small, will see savings as result of these reforms.

The $267 million represents local government savings from the projected costs of pension contributions in

PFRS and PERS had Governor Christies pension reforms not become law. The statewide, year over

year savings in pension costs experienced by local governments between fiscal year 2011 and fiscal year

2012 is approximately $84 million.

A savings breakdown of Fiscal Year 2012 PFRS pension cost savings for each local government in New

Jersey municipalities, counties, school districts and other local government units can be accessed at

the Department of Treasurys website here: A savings breakdown of Fiscal Year 2012 PFRS pension cost

savings for each local government in New Jersey municipalities, counties and other local government

unitscan be accessed at the Department of Treasurys website here:

http://www.state.nj.us/treasury/pensions/epbam/exhibits/pdf/2012-pfrs-comparison-revised-78.pdf

The local government savings breakdown for PERS, previously released on July 14, 2011, can be

accessed here: http://www.state.nj.us/treasury/pensions/epbam/exhibits/pdf/2012-pers-comparison-revised-78.pdf

A community by community list of savings in Mercer County:

Total Contribution (1) (2)

Revised 2012 Original 2012

RetirementBillingAmounts

BillingAmounts Change in

System Location Name Post Ch 78 Pre Ch 78 Contributi

PERS CAPITAL PREP CHARTER H S 28,082 29,544 (1,462)

PERS EAST WINDSOR MUN UTIL AUTHORITY 169,432 178,255 (8,823)

PERS EAST WINDSOR REG SCHOOL DIST 952,044 1,001,100 (49,056)

PERS EAST WINDSOR TOWNSHIP 452,031 475,572 (23,541)

PFRS EAST WINDSOR TOWNSHIP 1,065,465 1,521,819 (456,354)

TOTALS 1,517,496 1,997,391 (479,895)
http://www.state.nj.us/treasury/pensions/epbam/exhibits/pdf/2012-pfrs-comparison-revised-78.pdfhttp://www.state.nj.us/treasury/pensions/epbam/exhibits/pdf/2012-pers-comparison-revised-78.pdfhttp://www.state.nj.us/treasury/pensions/epbam/exhibits/pdf/2012-pers-comparison-revised-78.pdfhttp://www.state.nj.us/treasury/pensions/epbam/exhibits/pdf/2012-pers-comparison-revised-78.pdfhttp://www.state.nj.us/treasury/pensions/epbam/exhibits/pdf/2012-pers-comparison-revised-78.pdfhttp://www.state.nj.us/treasury/pensions/epbam/exhibits/pdf/2012-pfrs-comparison-revised-78.pdf


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PERS HIGHTSTOWN BOROUGH 205,237 215,379 (10,142)

PFRS HIGHTSTOWN BOROUGH 317,292 435,434 (118,142)

TOTALS 522,529 650,813 (128,284)

PERS HOPEWELL BOROUGH 57,587 60,586 (2,999)

PERS HOPEWELL TOWNSHIP (MERCER) 531,233 558,899 (27,666)

PFRS HOPEWELL TOWNSHIP (MERCER) 578,407 749,937 (171,530)

TOTALS 1,109,640 1,308,836 (199,196)

PERS HOPEWELL TWP FIRE DISTRICT 1 7,936 8,349 (413)

PFRS HOPEWELL TWP FIRE DISTRICT 1 148,931 178,739 (29,808)

TOTALS 156,867 187,088 (30,221)

PERS HOPEWELL VALLEY REG SCH DIST 859,999 904,787 (44,788)

PERS INTERNATIONAL CHARTER SCHOOL 17,067 17,927 (860)

PERS LAWRENCE TOWNSHIP (MERCER) 693,322 729,429 (36,107)

PFRS LAWRENCE TOWNSHIP (MERCER) 1,646,923 2,134,807 (487,884)

TOTALS 2,340,245 2,864,236 (523,991)

PERS LAWRENCE TWP BD OF ED (MERCER) 910,708 958,136 (47,428)

PERS MERCER CO BD OF SOCIAL SERVICE 3,382,589 3,553,228 (170,639)

PERS MERCER CO COMMUNITY COLLEGE 1,684,106 1,771,812 (87,706)

PERS

MERCER CO IMPROVEMENT

AUTHORITY 242,808 253,490 (10,682)

PERS MERCER CO SOIL CONSERVTN DIST 48,413 50,934 (2,521)

PERS MERCER CO SPECIAL SER SCH DIST 964,432 1,014,658 (50,226)

PERS MERCER CO VOCATIONAL SCHOOLS 281,434 296,091 (14,657)

PERS MERCER COUNTY 6,316,325 6,645,269 (328,944)PERS MERCER COUNTY 891,903 934,856 (42,953)

PFRS MERCER COUNTY 6,151,987 8,041,932 (1,889,945)

PFRS MERCER COUNTY 1,095,833 1,431,593 (335,760)

TOTALS 14,456,048 17,053,650 (2,597,602)

PERS

PACE CHARTER SCHOOL OF

HAMILTON 8,310 8,707 (397)

PERS PAUL ROBESON CHARTER SCHOOL 26,576 27,960 (1,384)

PERS PENNINGTON BOROUGH 84,531 88,934 (4,403)

PFRS PENNINGTON BOROUGH 72,050 89,438 (17,388)

TOTALS 156,581 178,372 (21,791)

PERS PRINCETON BOROUGH 586,735 617,291 (30,556)

PFRS PRINCETON BOROUGH 649,482 899,972 (250,490)

TOTALS 1,236,217 1,517,263 (281,046)

PERS PRINCETON CHARTER SCHOOL 36,382 38,277 (1,895)

PERS PRINCETON HOUSING AUTHORITY 42,877 45,012 (2,135)

PERS PRINCETON JOINT PUBLIC LIBRARY 253,708 266,921 (13,213)


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PERS PRINCETON REGIONAL SCHOOL 951,407 1,000,955 (49,548)

PERS PRINCETON TOWNSHIP 689,752 725,673 (35,921)

PFRS PRINCETON TOWNSHIP 761,544 1,016,789 (255,245)

TOTALS 1,451,296 1,742,462 (291,166)

PERS ROBBINSVILLE TOWNSHIP 349,893 368,115 (18,222)

PFRS ROBBINSVILLE TOWNSHIP 666,570 839,232 (172,662)

TOTALS 1,016,463 1,207,347 (190,884)

PERS ROBBINSVILLE TWP BD OF ED 245,746 258,544 (12,798)

PERS TRENTON CITY 4,837,928 5,078,794 (240,866)

PFRS TRENTON CITY 7,715,769 9,014,076 (1,298,307)

PFRS TRENTON CITY 4,977,237 6,052,893 (1,075,656)

TOTALS 17,530,934 20,145,763 (2,614,829)

PERS TRENTON CITY BD OF ED 3,189,934 3,348,158 (158,224)

PERS TRENTON COMM CHARTER SCHOOL 141,796 148,943 (7,147)

PERS TRENTON DOWNTOWN ASSOCIATION 1,074 1,074 0

PERS TRENTON HOUSING AUTHORITY 470,140 487,039 (16,899)

PERS TRENTON PARKING AUTHORITY 26,045 27,333 (1,288)

PERS VILLAGE CHARTER SCHOOL 51,791 54,488 (2,697)

PERS WEST WINDSOR PARKING AUTHORITY 34,886 36,703 (1,817)

PERS WEST WINDSOR PLAINSBORO REG 1,709,380 1,798,401 (89,021)

PERS WEST WINDSOR TOWNSHIP 679,699 715,097 (35,398)

PFRS WEST WINDSOR TOWNSHIP 1,312,266 1,685,826 (373,560)

TOTALS 1,991,965 2,400,923 (408,958)

MERCER COUNTY TOTAL: 10,833,683

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