Business & Finance

Ciattarelli Discusses Pension, Property Tax, and School Funding Reform at Business Forum June 3d

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Assemblyman Jack Ciattarelli, R-16t, will discuss pension, property tax, and school funding reforms at a business forum June 3rd in Bridgewater.
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BRIDGEWATER, NJ - Assemblymen Jack Ciattarelli (R-16th) will discuss the issues that are impacting businesses and identify collective methods to bring about positive solutions June 3rd at a forum sponsored by the Somerset County Business Partnership Legislative Affairs committee.
The hour-longpresentation begins at 9 a.m.
Ciattarelli, a Hillsborough resident, is expected to discuss his plan to address the issues of pension, property tax, and school funding reform.
Elements of the Plan include:
• No community is allowed to fund less than 25 percent of their school budget through the local tax levy;
• No community whose local school budget is funded more than 50 percent by federal and state aid can abate school property taxes on new development;
• For all current and future teacher retirees, no post-retirement Medicare Part B reimbursement if their pension plus social security equals or exceeds $30,000 per year;
* For all teachers with less than 10 years in system, pension account is switched over to cash balance defined contribution pension plan (e.g., 401k);
• All newly hired teachers go immediately into cash balance defined contribution pension plan (e.g., 401k) and their pension and Social Security are paid for by the local school district, not the state;
•‘Cadillac’ health insurance plans are discontinued for all newly hired teachers and all others at end of current contract.
The forum will be at the Somerset County Business Partnership offices, 360 Grove St. in Bridgewater
 

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