These public employees are applying for retirement in droves, party because of the economy and party because they're anticipating the major changes Christie is making to the way things are done in New Jersey. They include:
- repealing an increase in benefits approved years agoIf nothing is done, the $46 billion gap between what the New Jersey treasury has and what it owes will only get larger.
- eliminating automatic cost-of-living adjustments
- raising the retirement age to 65 from 60 in many cases
- reducing pension payouts for many future retirees
- requiring some employees to contribute more to their pensions