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Why some N.J. cops and firefighters might get to retire early with pensions
Updated Mar 04, 2021;
Nearly 8,000 New Jersey police and firefighters could become eligible to retire with a pension sooner than expected.
A bill (S1017) passed by the state Assembly and sent to Gov. Phil Murphy this week would allow public safety workers who reach 20 years of service within 25 months of the effective date of the bill to retire with a pension, regardless of their age.
Current law limits the early retirement benefit, the equivalent of half their salary, for public safety workers hired after January 2000 to those at least 55 years old. But unions say that’s because a 1999 law was misinterpreted by former Gov. Chris Christie’s administration.
Credit: (Edwin J. Torres/ NJ Governor s Office/CC BY-NC 2.0)
Gov. Phil Murphy delivers his pre-taped budget message.
State lawmakers have scheduled a series of virtual public hearings starting next week to give residents a chance to sound off on the nearly $45 billion spending plan rolled out by Gov. Phil Murphy last week.
The public hearings are usually a matter of routine when a state budget is proposed by the governor, but they were disrupted last year after the onset of the coronavirus pandemic, and lawmakers faced criticism after they held no hearings and accepted only written comments from the public.
by Todd DeFeo, The Center Square | February 25, 2021 10:00 AM Print this article
The New Jersey Assembly Appropriations Committee has advanced legislation to exempt Paycheck Protection Program (PPP) loans forgiven by the federal government from New Jersey’s gross income and corporate business taxes.
Under A-5149, businesses could also deduct expenses paid for by such a loan.
Congress included the loans in the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help small businesses pay employees during the COVID-19 pandemic. The federal government may forgive part or all of a loan for recipients that meet certain conditions.
“Small businesses throughout our state have been hit hard by COVID-19, which means many of their employees have also felt the impact of the pandemic,” Assembly members Louis Greenwald, D-Camden/Burlington; Daniel Benson, D-Mercer/Middlesex; and Gordon Johnson, D-Bergen, said in a joint statement.
For the last three years, Murphy has enacted a series of tax and fee hikes on individuals and businesses to fund an aggressive progressive agenda. Even prior to the COVID-19 pandemic, tax and businesses groups were ranking New Jersey as one of the most tax unfriendly states.
Murphy has been unapologetic, preaching tax fairness. Property taxes have also been increasing at a faster pace under Murphy. Since taking office, Murphy has increased spending by more than $9 billion. Former Gov. Chris Christie s final budget was $35.5 billion. The one proposed by Murphy on Tuesday was $44.8 billion.
The budget includes giveaways to some of Murphy s staunchest allies, including the New Jersey Education Association and the CWA. Unions representing teachers and state workers have funneled millions in worker dues to political action committees supporting the promoting Murphy policies. As Murphy seeks re-election in November, the unions are overjoyed with his budget, particularly a $6.4 billio