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.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.