West Orange to Save $312,070 in Local Property Taxes Next Year
A new set of pension reforms will save the township money in local taxes.
West Orange Township will save $312,070 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) West Orange employees will pay an additional $84,264 into their pension fund next year, while the city's …
In this Article:
Alan Sanders
1:58 pm on Tuesday, October 23, 2012
change 'unplanned savings' to 'additional savings' more ›