In a story in the Daily Record, on Sunday, March 13, Former Director of State Pensions Fred Beaver confirmed what the taxpayers of Morris County already know: while there may be two candidates running for Morris County Sheriff, only John Sierchio has a plan that will result in actual tax savings.
The Daily Record compared the salary and pension plans of John Sierchio and James Gannon. Upon being elected, Sierchio will accept only the minimum Sheriff’s salary of $113,000, as required by law. Conversely, Gannon will “accept a sheriff’s salary that the Morris County freeholders deem appropriate” – which could be as high as $160,000 – and plans to freeze his state pension.
“While ‘freezing a pension’ may result in a good sound byte, it doesn’t result in any tax savings,” noted Sierchio. “I’m the only fiscal conservative in this campaign, and that’s why I pledge to accept only the minimum Sheriff’s salary as required by law. My plan is the only plan that will return dollars where they belong – back to the taxpayer.”
Don’t take it from us – listen to Fred Beaver, who served as Director of State Pensions and Benefits for eight years, in yesterday’s Daily Record:
“Fred Beaver, a past director of the state Division of Pension and Benefits, agreed with Sierchio that a candidate’s freezing of a pension would result in no savings to taxpayers because his pension already has been funded, with contributions no longer being given by the governmental employer.”
“The former Director of State Pensions said it himself: Jim Gannon’s pension plan will not save any tax dollars,” said Sierchio, who served as Chairman of the state’s Police and Fireman’s Retirement System. “Candidates like to call themselves ‘fiscal conservatives,’ but I’m the only one with a proven record of saving tax dollars, and the only one with a plan to do it again as Sheriff.”
John Sierchio served 27 years in the Essex County Sheriff’s Office, the Essex County Police Department, and as Detective Sergeant on the Bloomfield Police Department. John served as Chairman of the state’s Police and Fireman’s Retirement System, where he was called a “crusader” by the Star-Ledger for saving millions of dollars for taxpayers by exposing fraudulent pension claims. John is a Member of the Boonton Township Board of Education and is a Life Member of the National Rifle Association.
