Number of the Day: $267 million

October 6, 2011 | Number of The Day

The Christie Administration announced that this year’s battle over pension and health benefit reform, which was resolved with the support of a large number of Democratic votes, including Senate President Stephen Sweeney’s, will save local taxpayers $267 million in 2012. You can see just how much your town will save online.

The $267 million includes $224 million in local taxpayer savings in the Police and Fireman’s Retirement Systems (PFRS), in addition to $43 million in local savings in the Public Employee Retirement System.

The legislation signed into law this summer calls for police and fire department employees to contribute an additional 1.5 percent to their retirement funds beginning this year. Government workers and teachers will pay 1 percent of their salaries to their retirement funds. The disparity between $224 million and $43 million is due to the fact that the state picks up most teacher and government workers pension contributions, so it has less impact on local property taxes.