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Trenton, NJ
Change City

AARP New Jersey Applauds Governor Murphy, Senate President Scutari, Assembly Speaker Coughlin, and Legislature for a State Budget That Includes Historic Property Tax Relief, Pension Funding, and Support for RetireReady NJ

Posted on 07/02/24

New Jersey’s FY2025 budget will make the state a more affordable place to live for older adults

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TRENTON, NJ – AARP New Jersey Director of Advocacy, Ev Liebman, provided the following statement in response to Governor Murphy, Senate President Scutari, Assembly Speaker Coughlin and the New Jersey Legislature coming to an agreement on the FY2025 state budget:

“We applaud Governor Murphy, Senate President Scutari, Assembly Speaker Coughlin and the New Jersey Legislature for their leadership and commitment to making the Garden State a better place to live for older New Jerseyans. The FY2025 budget includes historic commitments to property tax relief, retirement security, and other vital initiatives that will enhance the health and financial security of older adults.

“The more than $2 billion in investments this budget makes in property tax relief will allow older New Jerseyans to age in the communities they have helped build. The budget fully funds the Stay NJ program, which will cut many older residents’ property taxes in half. Additionally, the continued full funding for ANCHOR and Senior Freeze property tax relief programs is essential for older New Jerseyans.

“This budget also makes critical investments to help New Jerseyans build financial security later in life. For the fourth year in a row, the state pension system has been fully funded, supporting the retirement security of hundreds of thousands of New Jersey retirees and their families.

“Additionally, the budget includes increased start-up funding for the New Jersey Secure Choice Savings Program – RetireReady NJ, which is scheduled to launch shortly. Access to an employer-based retirement plan is critical for building financial security later in life. RetireReady NJ will help the over 1.5 million New Jerseyans who work for an employer that does not offer a retirement plan by allowing them to easily save for retirement through a payroll deduction at work. This modest investment will yield significant long-term benefits for workers, their families, employers, and the state economy.

“There are other important investments in this budget that will benefit older adults, including $10 million to support the creation of accessory dwelling units (ADUs), which can be used to create more accessible housing options for older adults and their caregivers; and maintaining expanded income eligibility for the Pharmaceutical Assistance to the Aged & Disabled (PAAD) and Senior Gold programs, which ensure medications remain affordable for lower income residents.

“Furthermore, we applaud the state’s investment in improving the quality and safety of nursing homes through an improved Quality Incentive Payment Program (QIPP), which rewards nursing homes that meet important quality benchmarks, including higher staffing levels and lower staff turnover. AARP NJ will work with stakeholders to monitor the effectiveness of this program and with decision makers to improve nursing home financial transparency and accountability.

“AARP New Jersey looks forward to continuing our work with the state’s Executive and Legislative branches to advance these critical programs, make New Jersey a more affordable place to live, and improve the health and financial security of all New Jerseyans.”

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About AARP

AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence, AARP strengthens communities and advocates for what matters most to the more than 100 million Americans 50-plus and their families: health security, financial stability and personal fulfillment. AARP also produces the nation's largest circulation publications: AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org/about-aarp/, www.aarp.org/español or follow @AARP, @AARPenEspañol and @AARPadvocates on social media.

This story is provided by AARP New Jersey. Visit the AARP New Jersey page for more news, events, and programs affecting retirement, health care, and more.

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