Village of Ridgewood “Unfunded liabilities (retirement payouts) reach $7.1M
Now Look at the Village of Ridgewood 2014 Budget Newsletter: “Unfunded liabilities (retirement payouts) are $7.1M (against a reserve of $479K)”…https://mods.ridgewoodnj.net/pdf/manager/2014BudgetNews.pdf
Why should anyone get a FULL, risk-free pension immediately after only 25 years of work ? The average retirement age of our public safety officials is 52.4, and they immediately start their full pension. In addition to that, on retirement they get up to six months of accumulated sick leave, paid out at their FINAL comp rate (salary + 10% longetivity pay) instead of at the rate when the leave was awarded earlier in their career. Most private sector workers don’t carry over sick leave from year to year, and don’t use it always – good health itself is reward enough. Yet municipal workers see this as a retirement perk, and this is very clearly being abused as per the article above.
