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States cutting benefits for public-sector retirees
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Since 2008, New Jersey and at least 19 other states from Wyoming to Rhode Island have rolled back pension benefits or seriously considered doing do — and not just for new hires, but for current employees and people already retired.
It's not just a U.S. phenomenon. In France on Wednesday, lawmakers voted to raise the retirement age from 62 to 65. If the measure wins final approval, France will become the latest European Union country to require workers to stay on the job longer because of a deficit-plagued pension system.
New Jersey's governor spelled out the details of his proposal Tuesday after telegraphing his intentions for months. They include: repealing an increase in benefits approved years ago; eliminating automatic cost-of-living adjustments; raising the retirement age to 65 from 60 in many cases; reducing pension payouts for many future retirees; and requiring some employees to contribute more to their pensions.
"We must reverse the damage caused by fairy-tale promises that have fattened benefits and pensions to unsustainable levels," Christie said.
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