State leaders began to debate again last week how much money they should put into New Jersey’s beleaguered pension system. The problem is the amount of money being discussed would still leave the system, which covers 800,000 current and retired state and local government workers and their spouses, with a larger hole to fill.
State Senate President Stephen M. Sweeney said in an interview on Monday that any negotiation with Gov. Chris Christie on his proposed pension reforms must include the $540 million minimum contribution required under a law passed earlier in March.
“Once we’re assured he’s making the payment, we’ll talk about making further reform,” said Sweeney, D-Gloucester. “Part of the deal is (Christie) has to pay.”
The March law requires the state to begin to catch up with its required annual pension contributions after largely skipping those for a decade. That means New Jersey is to put in one-seventh of the contribution, estimated at $540 million, in next year’s budget. Read more in APP.