Christie Bans Part-Time Workers From N.J. Pension, require teachers to pay for health insurance

[The Straight Story]

Christie Bans Part-Time Workers From N.J. Pension

March 23 (Bloomberg) -- New Jersey Governor Chris Christie signed three bills aimed at reducing employee costs and paring down a $46 billion deficit in the state pension system, less than an hour after the measures won legislative approval.

The Assembly, by a vote of 62-5, passed a bill to exclude part-time workers from the $67.3 billion pension system after the legislation was amended to remove a provision that would have allowed future full-time workers to opt out of enrolling in the pension system.

Lawmakers also approved measures to require teachers for the first time to pay for health insurance, and cap payouts of unused sick time at retirement. The Senate, which approved all three bills last month, concurred with the changes. Democrats control the Legislature.

“It is clear that our state can no longer afford a system that is rife with abuse, that promises substantial payouts with little buy-in, and that provides benefits that are wildly out of proportion with the private sector,” Christie, a Republican, said in a statement. “The costs in the system remain dangerously out of balance and additional reforms are necessary to ensure the future solvency of the system.”

http://www.businessweek.com/news/2010-03-23/christie-bans-part-time-workers-from-n-j-pension-update1-.html