Margate’s Chief Financial Officer Lisa McLaughlin warned everyone about the upcoming bad news.
Margate’s new pension obligations will soon be $3 Million. That’s a $200,000 increase over last year that Margate taxpayers will have to handle.
Margate CFO: The only way to limit future pension increases is to control salaries, longevity pay, etc. for city employees.
New legislation is costly for towns like Margate in regards to sexual abuse liability, molestation, Title 59, workers comp, retiree benefits, etc.
JIF: Joint Insurance Funds provide property/casualty insurance to almost 65% of municipalities and local authorities in New Jersey.
Margate JIF budget is up 5%. That’s based on the ‘loss ratio’ of Margate which is 143%. That will translate to $51,000 in new taxpayer expense.
It is time to move the retirement funding burden from a taxpayer funded plan to a hybrid system of grandfathering current employees in the current plan.
All new employees should be in a self funded employer sponsored plan.
The burden needs to be slowed down.
Unfortunately, the retirement system is controled by the State of NJ not Margate. Margate has no voice.
Reply
MARC NOVEMBER 19, 2021 AT 6:43 PM
Unfortunately, the retirement system is controlled by the State of NJ not Margate. Margate has no voice.
Kind of like the second home owners :)
That is the dumbest comment ever!!!
Margate has no voice on the retirement system, just like the second home owners have no voice on what happens with their tax money or who is spending it and on what.
Clear enough for you?
Are you a 2nd homeowner? Or a local?
Gee I hate that name LOCAL.
And yes the 2nd homeowners have no voice.
However , the Commissioners have a choice to listen to the 2nd homeowners or not.
So Anonymous is criticizing Local for their choice of screen name. Brilliant.
Margate CFO states that the only way to limit future pension increases is to control salaries, longevity pay, etc. for city employees, but is pending pay raises totaling over $15,000.00 over the next three years. Sounds a little hypocritical.