The Division of Pensions and Benefits has released the 2020 pension bills for both the Public Employee Retirement System (PERS) and Police and Fire Retirement System (PFRS). The PERS employer contribution for 2020 is 13.69% compared to 14.11% in 2019. For PFRS the employer contribution for 2020 is 29.80% compared to 29.47% in 2019. The Department of Treasury noted that the “stabilization in billing amounts is attributable to numerous factors, including local employers making the full actuarially determined contributions for many years, positive investment returns in FY 2018, and prior reforms that have lowered the benefit accrual rate for new hires.” A copy of the 2020 PERS billing and PFRS billing are available online as well as the bill comparison between 2019 and 2020 for both PERS and PFRS are available online.
Contact: Lori Buckelew, Senior Legislative Analyst, lbuckelew@njlm.org, 609-695-3481 x112.