The State Department of the Treasury, Division of Pensions and Benefits has determined the City of Hoboken offered an unauthorized Early Retirement Incentive to City employees and must pay an additional $4.2 million more towards its employees pensions.
This expense was not included in the FY09 budget and means the City must fund the additional $4.2 million immediately.
TRANSLATION: We may be hit with another significant tax increase within weeks!
Here is an electronic copy of the memo on SlideShare:
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