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NJ imposes early retirement penalties

February 10, 2009 4:54:55 AM PST
State officials want to penalize Hoboken and Bergen County for failing to get approval for early retirement programs. The governments had hoped to save money by shedding payrolls of more senior employees. But the state says Hoboken must pay $4.2 million and Bergen County $1.4 to prevent the pension costs from being passed on to taxpayers.

Bergen County plans to fight the issue, saying its plan was a severance package and not early retirement.

Hoboken Mayor David Roberts is hoping for an "amicable" resolution.

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Information from: The Star-Ledger, http://www.nj.com/starledger

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