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Yesterday, New Jersey Transit announced plans to implement an emergency spending freeze, reduce its workforce by more than 200, rollback spending on retirement accounts and cut executive salaries to address a projected $300 million total budget gap for fiscal years 2010 and 2011. The various reductions would total more than $30 million.

The agency expects to trim about 2 percent of its total workforce — the deepest one-year reduction in its 30-year history — including agreement and non-agreement employees. In addition, NJ Transit’s contributions to employee 401K accounts will be reduced by one-third and executive salaries will be cut 5 percent.

Agency officials also have identified cost reductions in parts, fuel, utilities and contracts that will be renegotiated to avoid escalations, and continue to develop fare and service change plans, which might be announced next week.

“Unfortunately, fare and service changes will have to be a part of an overall response to this financial crisis,” said NJ Transit Executive Director James Weinstein in a prepared statement.