For the fifth year in a row, Governor Christie underfunded the state’s pension payment for the upcoming fiscal year, which will place our pension system for all public workers at risk, accumulate even more unfunded liability, and place the state’s credit at risk of a 10th downgrade.
All this despite receiving a balanced, fully funded budget from the Senate and Assembly that made the full pension payment due under the chapter 78 schedule. It is also the 2nd year in a row that the Governor vetoed a full pension payment paid by a balanced budget.
In order to make the full pension payment, the Legislature essentially accepted the majority of Governor Christie’s budget, but increased revenue through a temporary increase in corporate taxes and millionaire households. The additional revenue paid for the pension payment plus restored a cut to women’s health programs and restored a tax break for 280,000 low-income working families.
Governor Christie vetoed the Democrats’ budget.
The Senate and Assembly also passed other important bills as part of its budget sessions: