New Jersey Plans to Make $512 Million Pension Payment
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New Jersey intends to contribute $512 million to its pension funds for teachers and government workers in fiscal 2012, its first payment in four years, State Treasurer Andrew Sidamon-Eristoff said.
The contribution would be made in tandem with proposals to trim employee retirement costs that Governor Chris Christie plans to present to lawmakers later this year, Sidamon-Eristoff said in an interview today in Trenton. Such moves may include reducing the rate at which current employees earn retirement credits or scaling back annual cost-of-living increases for retirees, he said.