Friday, June 24, 2011

New York Times article on pension reform bill for New Jersey

New Jersey Legislature Approves Deep Cuts in Benefits to Public Workers

New Jersey lawmakers on Thursday approved a broad rollback in benefits for three-quarters of a million government workers and retirees, the deepest cut in state and local costs in memory, in a major victory for Gov. Chris Christie and a once-unthinkable setback for the powerful public employee unions.The Assembly passed the bill as Republicans and a few Democrats defied raucous protests by thousands of people whose chants, vowing electoral revenge, shook the State House. Leaders in the State Senate said their chamber, which had already passed a slightly different version of the bill, would approve the Assembly version on Monday, and Mr. Christie, a Republican, was expected to quickly sign the measure into law.

No comments: