PENSION REFORMS TO SAVE TOWNSHIP MORE THAN $200,000

PATCH reports:

Maplewood Township will save $204,539 in 2013 as part of a series of pension reforms signed into law last year.

The cuts are thanks to the reforms agreed upon by the New Jersey legislative bodies and signed into law by Governor Chris Christie in June 2011.  The bill, aimed at increasing contributions to health benefits and pension payments for public employees, makes various changes to the manner in which the Teachers’ Pension and Annuity Fund (TPAF), the Judicial Retirement System (JRS), the Public Employees’ Retirement System (PERS), the Police and Firemen’s Retirement System (PFRS), and the State Police Retirement System (SPRS)

Maplewood employees will pay an additional $65,760 into their pension fund next year, while the township's police and firefighters will pay $138,779.

In addition to the extra $204,539 in savings for the employees' pensions, Maplewood residents will also save $58,164 from the pensions for employees of the South Orange-Maplewood Board of Education.