Skip to content
Subscriber Only

N.J. Faces $5.5 Billion Pension Bill by 2018, Study Says

New Jersey’s pension contribution may consume almost one-fifth of its annual budget by 2018 under a law enacted by Republican Governor Chris Christie, according to a group led by former Federal Reserve Chairman Paul Volcker and Richard Ravitch, the former New York lieutenant governor.

The contribution must rise by about $4.5 billion over the next five years, from $1.03 billion in 2013, to comply with the 2010 law, the State Budget Crisis Task Force said in a report. A $5.5 billion payment equals two-thirds of the school aid in Christie’s spending plan for the year that began July 1.