Local Governments Close to Fully Funding Pension Systems

TRENTON — On July 20, the state Treasury Division announced the 2008 estimated pension contributions for local government employers.
Statewide, employers will contribute around $1.16 billion to both the Public Employees Retirement System (PERS) and the Police and Fire Retirement System (PFRS).
According to the treasury, payments are not due until April 2008, but the estimates were released to help local governments in their budget planning.
In 1997, then-Governor Christine Todd Whitman borrowed $2.8 billion from the public retirement systems and forgave local governmental institutions from paying into the systems until agencies begin paying again in 2005, said Dennis Township Administrator Jody Alessandrine.
Whitman tried to take advantage of the record high stock market prices by investing in the late 1990s, but her plan fell apart when technology stocks plummeted in 2002.
Counties, municipalities and other governmental groups have been paying incrementally increased payments to the retirement systems over the past several years starting at 20 percent and are required to pay 80 percent to PERS and the full 100 to the PFRS next year.
“Local governments were given a break for quite a while,” said Alessandrine who is also an Ocean City councilman. “Now, we’re almost back to fully funding the pension systems.”
Estimated payments to PERS by Cape May County’s 13 municipalities are:
Avalon, $214,048; Cape May, $220,691; Cape May Point, $13,874; Dennis Township, $94,050; Lower Township, $295,282; Middle Township, $215,619; North Wildwood, $200,487; Ocean City, $660,558; Sea Isle City, $286,262; Stone Harbor, $135,049; Upper Township, $201,404, West Cape May, $25,554; West Wildwood, $20,041; Wildwood, $379,159; Wildwood Crest, $146,463; and Woodbine, $24,270.
The county and municipalities with paid police and fire employees that will have to pay into PFRS include:
Avalon, $293,534; Cape May, $559,393; Cape May County, $1.4 million; Lower Township, $657,715; Middle Township, $784,612; North Wildwood, $676,808; Ocean City, $2.2 million; Sea Isle City, $372,957; Stone Harbor, $269,131; West Wildwood, $36,103; Wildwood, $986,556; and Wildwood Crest, $335,482.
The county and related agencies will have to pay into PERS, including:
Cape May County, $2 million; Municipal Utilities Authority, $522,936; Special Services, $189,458; Social Services, $183,766; Bridge Commission, $67,386; and Mosquito Commission, $44,046.
Local school districts are also included:
Avalon, $8,878; Cape May, $16,710; County Technical, $82,411; Dennis Township, $65,693; Lower Cape May Regional, $207,878; Lower Township, $192,177; Middle Township, $239,932; North Wildwood, $36,746; Ocean City, $243,368; Ocean City Charter, $18,390; Sea Isle City, $18,734; Stone Harbor, $9,290; Upper Township, $96,378; West Cape May, $3,494; Wildwood, $97,082; Wildwood Crest, $21,798; and Woodbine, $12,269.
Other governmental agencies include:
Cape Atlantic Soil Conservation District, $22,246; Cape May Housing Authority, $7,339; Greater Wildwood Tourism, $36,085; Wildwoods Construction Office, $40,202; Lower Township MUA, $71,741; Middle Township Fire District No. 1, $8,292; Ocean City Housing Authority, $10,558; Wildwood Housing Authority, $29,002; and Woodbine MUA, $3,962.
Contact Hart at (609) 886-8600 Ext 35 or at: jhart@cmcherald.com