New Jersey early retirement is a topic that has come under a lot of flak because analysts are unanimous in their opinion that the ruling tries to solve the immediate problem while not keeping the big picture in mind. To get a quick one hundred and thirty six million dollars - yes, it is big money - which will only stay saved if the positions that are vacated will not be filled - the state is taking on hundreds of millions of dollars of pension liability. The state has already shown that it has trouble meeting the pension liabilities. In the light of that, the New Jersey early retirement plan is being panned by critics.
The administration claims that they have to trim the bureaucracy, and cut down the number of employees, and that the New Jersey Early retirement plan is simply part of the whole that will implement this. However, lawyers and law-makers both are skeptical of this rather naïve explanation of the New Jersey Early Retirement plan.
The plan involves the early retirement of us to three thousand and three hundred employees. In that, however, there are some key positions that have to be filled, and this means that, after that, about two thousand nine hundred and seventy positions will be freed.
The New Jersey Early Retirement plan changes the requirements for early retirement to the following: you must either be at least fifty years old, and have, at the very least, twenty five years of service credit; or, you must be at least sixty, and have between twenty and twenty five years of service credit; or, you must be at least sixty, and have between ten and twenty years of service credit.
There are also exceptions: if you are a pert of certain departments, you are not eligible to take advantage of the changed eligibility criteria of the New Jersey Early Retirement plan. These departments include the departments of Corrections, of Children and Fmilies, and of Human Services. You will also not be eligible if you are a part of the Juvenile Justice Commission, the New Jersey Independent State Authorities and Commissions, the Office of the Public Defender, the New Jersey State Colleges and Universities, or if you are a PERS member enrolled in the Workers’ Compensation Judges subgroup, or a member of the PERS members enrolled in the Prosecutors’ subgroup.
Of course, the assumption is that everybody who is eligible will reach out and grab this opportunity with both hands, which will probably not be true, but this issue has become a heated debate.
Senators also stated that they were disappointed that the law-makers were not taken into confidence, and that their recommendations fell in deaf ears. All in all, it is safe to say that the New Jersey Early Retirement plan has not met with unanimous approval.
Katie Appleby is an accomplished niche website developer and author. To learn more about retirement , please visit You Retired for current articles and discussions.