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N.J.’s Murphy Seeks Record $48.9 Billion for Pensions, Schools

  • Budget up by almost a third since Democrat took office
  • A first since 1996: two consecutive minimum pension payments
New Jersey Governor Phil Murphy

New Jersey Governor Phil Murphy

Photographer: Victor J. Blue/Bloomberg
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New Jersey Governor Phil Murphy proposed a record $48.9 billion budget for fiscal 2023, buoyed by spending on pensions, education and tax rebates.

His plan seeks a $6.8 billion retirement-fund contribution, marking the second straight year he would make good on providing the minimum amount required by actuaries. That hasn’t happened since 1996, and as a result, New Jersey’s unfunded pension liability is at least $74.9 billion, one of the highest among U.S. states.