New Jersey Governor Chris Christie has unveiled a legislative plan to use state lottery funds to shore up the state’s underfunded public worker pension plans.
State Treasurer Ford Scudder unveiled legislation that the administration wants lawmakers to introduce and approve to allow the plan to move forward, the Associated Press reported.
According to the AP, Christie’s administration expects the plan would immediately reduce unfunded obligations by $13.5 billion for the state’s separate pension funds for teachers, public employees, and police and firefighters. The state says that would raise the funded ratio of the retirement system from 45 percent to 59 percent. It would provide $37 billion over 30 years.
Democratic Assembly Speaker Vincent Prieto told the wire service that he continues to question whether the plan will work, but will review the proposal.
