Bergen County Sheriff Michael Saudino – $138,000 in salary plus $129,987 from pension as an Emerson Borough police retire
MARK LAGERKVIST | MARCH 14, 2016
Loophole in law lets some state employees collect retirement money while working at new job
The ranks of retired public officials who collect more than $100,000 a year from New Jersey pensions have more than doubled in the past five years, according to an NJ Spotlight analysis of state Treasury data.
When 2015 ended, 2,296 retirees were collecting six-figure pensions from state pension plans. It is a 131 percent increase above 2010, when the count was 992.
The top of the “$100K Club is loaded with retired school executives. Former Essex County College president A.Z. Yamba leads the pack with $195,000 in annual retirement pay. Of the 30 pensioners who get $150,000 or more, 22 retired as educators.
But in sheer numbers, police and fire officials are predominate. Nearly half – or 1,131 pensioners – belong to the Police and Firemen’s Retirement System.
Of those PFRS retirees, 93 percent – or 1,050 – took advantage of a “special retirement” provision in state pension law. It allows law-enforcement officers – but not other public employees – to collect full benefits after 25 years of service, regardless of age.
When Joseph Blaettler opted for special retirement at age 46, the former Union City deputy police chief started collecting $134,773 a year from PFRS in 2009. If he reaches age 80 – his statistical life expectancy – he will cash more than $4.5 million in pension checks.
