Jersey City Inches Closer To Cutting Workers' Pensions

Law360, Los Angeles (January 10, 2014, 6:45 PM EST) -- Jersey City, N.J., inched closer to cutting municipal pension plans in an effort to save up to $20 million when its mayor and the state Senate president agreed Friday to amend related legislation, offices for the mayor and Senate president told Law360.

The New Jersey State Assembly bill, A4536, would cut cost-of-living adjustments in pension plans for current and future Jersey City retirees in an effort to save between $12 million and $20 million over an eight-year stretch.

The bill — over which anticipated 2017 gubernatorial...
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