Dear Mayor:

As reported in our letter of April 10, State Treasurer Abelow and Pensions Division Beaver testified before the Senate Budget and Appropriations Committee, earlier today.

An audio recording of the meeting can be accessed at the Legislature’s website, http://www.njleg.state.nj.us/media/archive_audio.asp?SESSION=2006. Click on “Senate Budget and Appropriations Committee” and find the date (April 10, 2007).

Both Treasurer Abelow and Director Beaver provided the Committee with valuable information and insights on the sources of our current pension and benefits funding crisis. From a local government perspective, questions posed by Senator Joe Doria brought out important considerations about the effects of the crisis, especially of the PFRS funding burdens, on our local property taxpayers.

A copy of the Division’s power point presentation is attached.

Director Beaver has agreed to speak at our May 30th “Mayors Summit on Pensions and Benefits,” as has DCA Commission Susan Bass Levin. Details on registration for the Summit will soon be coming your way.

Very truly yours,

                                                                        William G. Dressel, Jr.
                                                                        Executive Director