February 8, 2014

Paterson NJ Increases Debt To Pay Pensions



[From article]
Last year, Paterson borrowed about $2.3 million to cover retirement checks for 28 police officers and firefighters. In 2012, the city bonded $3 million for 34 retirees, and in 2011 it borrowed $4 million for 50 severance checks. The city is paying a total of more than $560,000 in interest on the bonds for those three years and the proposal for 2014 will add another $141,900 in interest costs. 

http://www.northjersey.com/paterson/Severance_plan_for_Paterson_cops_and_firefighters_puts_four-year_tab_at_11_million.html?page=all

Retirement plan for Paterson cops, firefighters puts four-year tab at $11 million
FRIDAY, FEBRUARY 7, 2014 LAST UPDATED: FRIDAY FEBRUARY 7, 2014, 2:26 PM
BY JOE MALINCONICO
PATERSON PRESS

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