Sweeney Calls for Quarterly Payments to State Pension Fund
Op-Ed from State Senator Stephen Sweeney in NJ Spotlight
Today, New Jersey legislators will vote on bipartisan legislation to commit the state government to a schedule of quarterly pension payments that will provide fiscal stability to our underfunded pension system and save billions of dollars in future costs for state taxpayers.
This is landmark legislation that is desperately needed in the wake of last week’s bond downgrade by Standard & Poor’s — the 10th credit downgrade in seven years — and Bloomberg’s report that New Jersey’s public pension system is the worst-funded in the nation, even worse than fellow fiscal basket case Illinois.