Skip to content
Subscriber Only

New Jersey's Pension Funding Push Is Collapsing

  • Bill to put constitutional amendment on November ballot stalls
  • Second-lowest ranked U.S. state faces mounting pension tab
Updated on

The push to fully fund New Jersey government workers’ pensions is in jeopardy amid a contentious clash between state employee unions and lawmakers that is leaving investors wondering what’s next.

Lawmakers face a Monday deadline to authorize a ballot measure, which if approved by voters in November would require the state to pay what it owes to pension plans that have less than half of what’s needed to cover obligations. Senate President Steve Sweeney, a Democrat and union official who sponsored the bill, said Thursday he won’t put it up for a vote until he wins an agreement on transportation funding. He accused two unions of trying to illegally coerce the vote.