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Budget Breakdown: How Will New Spending Plan Affect Public Pensions?

In first of a series of reports on NJTV News about the state budget, NJ Spotlight’s John Reitmeyer examines implications for public pension system

John Reitmeyer, NJ Spotlight’s budget and public finance writer, joins NJTV News for a “Budget Breakdown,” an analysis of New Jersey’s new $37.4 billion budget.

In this first of a multipart series, he examines how the budget will affect the public pension system. Noting that the budget adds $700 million in state contributions to the retirement plans for teachers, judges and other government workers during the 2019 fiscal year, he said those payments will push the total state pension contribution to a record high of $3.2 billion. That’s “enough money to build two more MetLife Stadiums in the Meadowlands.”

New Jersey is $80 billion in the hole, by some estimates. Reitmeyer explains that that’s “enough money to build another 50 MetLife stadiums, or to run the entire state government for a full two years.”

Read the full story on NJTV News Online, a content partner of NJ Spotlight.

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