- Associated Press - Tuesday, January 14, 2014

TRENTON, N.J. (AP) - A bill that would overhaul the pension system in New Jersey’s second-largest city is headed to Gov. Chris Christie.

The state Senate on Monday passed the bill which reduces cost of living adjustments in Jersey City’s pension plan. It also raises the retirement age for new employees from 60 to 65 and requires them to have 25 years of service instead of 20. The measure also increases penalties for early retirement.

Senate President Steve Sweeney amended the measure to apply savings from the lower cost of living adjustments to bolster the pension system instead of shifting the money to the general budget.

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