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Re: ...reduces to $9.3 million the size of bond proposed for use in paying retirees' terminal benefits
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Posted on: 2010/11/16 15:15
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Re: ...reduces to $9.3 million the size of bond proposed for use in paying retirees' terminal benefits
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MDM wrote:
So deeper into the abyss of debt we go! Jersey City is going to end up in Chapter 9 bankruptcy. Maybe the sooner we go the better!


No doubt. Maybe we could get the creditors to throw out "management" in the reorganization, as well.

Posted on: 2010/11/9 16:44
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Re: ...reduces to $9.3 million the size of bond proposed for use in paying retirees' terminal benefits
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So deeper into the abyss of debt we go! Jersey City is going to end up in Chapter 9 bankruptcy. Maybe the sooner we go the better!

The union contracts need to be changed. Like the private sector, vacation / personal days need to be changed to a "use or lose it" rule. We can't afford having a mass of people retire at once with a year or more of unused vacation days.

Posted on: 2010/11/9 14:43
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...reduces to $9.3 million the size of bond proposed for use in paying retirees' terminal benefits
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Jersey City administration reduces to $9.3 million the size of bond proposed for use in paying retirees' terminal benefits

Tuesday, November 09, 2010
By MELISSA HAYES
JOURNAL STAFF WRITER

Jersey City officials hope to bond for $9.3 million to cover payouts to retiring workers for unused sick, vacation and compensatory time.

The administration pulled a $22 million ordinance for that purpose off last month's agenda after saying the auditor and bond counsel had additional questions.

Chief Financial Officer Donna Maurer said the $9.3 million would only cover payouts for the transition year budget, which ends Dec. 31. She said the previous ordinance included forecasted 2011 payments, which will be considered if necessary, during that budget process.

"After we looked at it again, we said we'll just take this transition year and we'll see what happens next year because a lot of people have put their (retirement) papers in and then took them back," Maurer said.

Business Administrator Jack Kelly said more employees have retired in 2010 than in the three prior years combined as a result of pending legislation in Trenton that would cap payouts to retirees at $15,000.

Maurer said the anticipated $9.3 million payout was not included in the six-month transition that ends Dec. 31. The bond was only made possible in July when a state law was passed to allow these types of emergency appropriations. The city would have to pay back the bond over a five-year period.

Jersey City owed more than $15 million in unused time during fiscal year 2010, which ended June 30, but structured the payments over several years, paying out $8.4 million last year.

The $9.3 bond item is on the agenda for introduction at tomorrow's City Council meeting, 6 p.m. at City Hall, 280 Grove St.

Posted on: 2010/11/9 14:24
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