NJ 2019 Fiscal Year Budget Funds The Public Employee Pension System at a Greater Level Than Ever Before

As reported in multiple news sources, the current New Jersey State budget signed into law by Governor Philip Murphy increased state spending by more than one billion dollars and a large portion of that increase is going to the state’s grossly underfunded public-employee pension system. The new budget adds $700 million to what the state will be contributing to the retirement plans for teachers, judges and other government workers during the 2019 fiscal year. This will push the total state pension contribution to a record high of $3.2 billion. It’s also nearly 10 percent of the entire state budget, which now totals $37.4 billion. Despite the planned record spending on the pension system, the state still has a large hole to fill. New Jersey’s worker-retirement funds are routinely rated as being in the worst shape of any in the nation. This is due, in part, to its history of prior New Jersey governors and Legislatures ignoring the payments that were…

Read more detail on Recent Employment Law posts –

This entry was posted in Employment and Labour Law and tagged , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply