In his fiscal year 2013 budget proposal, Gov. Chris Christie has suggested a $1.071 billion pension fund payment, which the administration touts as the largest ever.
Nevertheless, the Communications Workers of America, the state employees union, noted that the payment is only one-third of what the state’s actuaries recommend putting into the system. “How many New Jerseyans would pay one-third of their mortgage bill and congratulate themselves?,” said Hetty Rosenstein, state director of the CWA.
Still, the payment is presumably the largest ever paid. The Whitman administration paid in a total of $963 million over seven years; the DiFrancesco, McGreevey, and Codey administrations also paid into the system in small sums Only Gov. Jon Corzine made payments of more than $1 billion (twice), but both were slightly less than $1.071 billion that’s been proposed by Christie.