Corzine's early retirement plan unveiled

The Corzine administration yesterday unveiled details of a proposal for an early retirement program that aims to shrink the state workforce by 3,000 employees. Under the plan, incentives would be offered to certain state employees aged 50 or older with at least 25 years in a state pension program, 60 or older with at least 20 but fewer than 25 years in a pension program and 60 or older with at least 10 but fewer than 20 years.

Incentives range from additional service credit toward pensions to free health benefits. Employees in some departments would not be eligible. "New Jersey cannot fix the larger structural problems with the state budget without first shrinking the size, scope and cost of the state bureaucracy," said state Treasurer David Rousseau. "This initiative will achieve the goal of a smaller government and create permanent budget savings. At the same time, we will maintain the ...