VIDEO: Gov. Christie to Reduce Pension Payments to Fill $800M NJ Budget Gap

govVIDEO: Gov. Chris Christie today announced plans to reduce two key payments scheduled for the state’s pension system for public workers — an emergency move that could trigger lawsuits and further downgrades of the state’s credit rating but solves an immediate concern by plugging an $807 million shortfall in the state budget.

At a news conference in the Statehouse today, the Republican governor said his plan is to reduce a $1.6 billion payment that was scheduled to be made before June 30 — to $696 million. The governor also intends to shrink a $2.25 billion payment that was set for next year to $681 million.

“We will not make the payments that apply to the sins of the past,” Christie said. The new, lower payments he has proposed will cover the cost of employees currently active in the pension system, the governor said, but will not chip away at the total unfunded liability in the pension fund accrued before he was governor. See video of press conference below. Read more in Star Ledger.

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5 COMMENTS

  1. Chris Christie need to stop pay for young man and woman
    who is not disabled and just don’t like going to work I don’t need to go to college to understand that and then you have a lot more millions in the budget.

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