Poll: Was Christie Right in Changing Pension-Funding Formula?
The governor's tinkering with the funding formula will cost NJ almost $95M this year, $150M next fiscal year
NJ Spotlight reported this week that the Christie administration quietly changed the funding formula for the state's pension contribution. The move shortchanges the system by $93.7 million in payments due this June, and another $150 million in the next state fiscal year.
The state's pension obligations already are underfunded by $51 billion, according to various rating agencies. What does mean for the future of retirees' pensions?