Verona, Cedar Grove to Save in Local Property Taxes Next Year
A new set of pension reforms will save the townships money in local taxes.
Verona Township will save $87,957 in 2013 as part of a series of pension reforms signed into law last year. Cedar Grove Township will save $74,833. The cuts are thanks to the reforms agreed upon by the New Jersey legislative bodies and signed into law by Gov. 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) Cedar Grove employees will pay an additional $31,356 into their pension fund …
In this Article:
