New Jersey city repeals tax deferral plan for retiring police and fire employees

  • Source: Paterson Times
  • Published: 01/02/2020 12:00 AM

A week after passing a measure to set up what’s called a 401(a) plan, tax-deferred retirement saving accounts for retiring public safety employees, the City Council on Monday afternoon rescinded the resolution. Members of the City Council approved the repeal without opposition in an emergency meeting. Municipal officials cited a pair of reasons for rescinding the measure. “Numerous” retiring police and fire employees “objected” to their unions’ plan to channel a portion of their payouts into tax-deferred accounts. Under the approved plan, retires “lack discretion” as to how much of their funds get directed to the accounts“It just didn’t look good to me, didn’t sound good,” said Flavio Rivera, councilman at-large, chairman of the finance committee. .


We welcome comments from registered users. Comments are solely the responsibility of those who post them; their viewpoints are not endorsed by the Daily Dispatch and (read more)
ship name
no comments have been added

Sign up to subscribe to custom state Daily Dispatch emails for free

click to subscribe