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[quote="Guest"]TRENTON — Local governments and school districts will see their pension bills climb by 8.9 percent next year, according to figures released today by state Department of Treasury.

The steep rise follows an even bigger 22 percent increase in the local pension bill for 2011. State Treasurer Andrew Sidamon-Eristoff said the increases underscore the need for lawmakers to pass the pension reforms proposed by Gov. Chris Christie.

"Without passage of the governor’s reform package, local taxpayers will put almost $1 billion more into public employee pension funds over the next five years," Sidamon-Eristoff said. "The cost of local pension contributions in 2011 and 2012 illustrates again the high cost of doing nothing about pension and benefit cost inflation."

Overall, local governments and school districts will pay $1.85 billion next year in pension payments, the treasury noted. The number also includes some money for life insurance.

Bill Dressel, executive director of the New Jersey League of Municipalities, said the increase will be painful for mayors across the state who are already bracing for the difficulty of dealing with a state-mandated 2 percent cap on increasing property taxes.

http://www.nj.com/news/index.ssf/2011/03/local_nj_governments_school_di.html[/quote]

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