TRENTON, N.J. (AP) — The Christie administration reports that local governments can expect to save $267 million in the 2012 fiscal year because of pension reforms enacted in June.
The changes include requiring workers to pay more into their retirement funds, suspending cost-of-living increases for retirees and raising the retirement age for newly hired workers.
The Treasury Department reports that the biggest savings — $224 million — will come from the police and firefighter retirement systems. An additional $43 million will be saved from the public employee retirement system.
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