New Jersey Gov. Chris Christie on Tuesday signed a law requiring public employees to pay more for pensions and health care.
The signing was held in Trenton. The State Assembly on Friday approved the bill, but because it differed slightly from a bill approved earlier by the state Senate, the Senate had to vote Monday to agree with the Assembly bill.
Key pension-related elements of the law include eliminating cost-of-living adjustments for current and future retirees, increasing certain public-employee retirement ages and requiring employees to pay more for their pensions. For example, the retirement age for new teachers and other non-uniformed workers will be raised to 65 from 60. They also would have to work 30 years, instead of 25 years, to be eligible for early retirement.
Mr. Christie said on Friday that the legislation will save taxpayers more than $120 billion over the next 30 years in state and local government pension contributions.