New Jersey will contribute a record $1.676 billion to its pension system in fiscal year 2014, a $647 million increase from this year, Gov. Chris Christie said in his budget address.
“Today, our pension system is on a path to restored health. So I can say with confidence and some pride to you today that this budget contains a record pension payment by the state: $1.676 billion for fiscal year 2014, the largest pension contribution ever made by New Jersey,” Mr. Christie said, according to a transcript of his Feb. 26 address. “This will fund the third year of the landmark, bipartisan pension reform we enacted two years ago, and on the terms we agreed to.”
The $70.9 billion New Jersey Pension Fund was 67.5% funded at the end of fiscal year 2011, the most recent available information.