Should Government Employees Get 401(k) Plans Instead of Pensions?

NJBIA Chief Government Affairs Officer Chrissy Buteas talks with TV host Larry Mendte about replacing existing state pensions with 401(k)-style retirement plans to help balance New Jersey’s underfunded pension system.

The interview was broadcast on the talk show recently.

Earlier this year, Senate President Stephen Sweeney put together an advisory panel of economic and tax experts to make recommendations for fixing New Jersey’s taxes and finances. One of the 25-member Economic and Fiscal Policy Workgroup’s recommendations is moving some public employees into a 401(k)-style retirement plan instead of the underfunded New Jersey pension system and providing them with a more affordable health benefits plan.