New Jersey intends to contribute $512 million to its pension funds for teachers and government workers in fiscal 2012, its first payment in four years, state Treasurer Andrew Sidamon-Eristoff said.
The contribution would be made in tandem with proposals to trim employee retirement costs that Gov. Chris Christie plans to present to lawmakers later this year, Mr. Sidamon-Eristoff said in an interview Wednesday in Trenton. Such moves may include reducing the rate at which current employees earn retirement credits or scaling back annual cost-of-living increases for retirees, he said.
Mr. Christie skipped the state's $3 billion pension contribution to help close a record $10.7 billion deficit for the fiscal year that began July 1.
The last payment made into the state pension system was $1 billion from former Gov. Jon Corzine in fiscal 2008, state bond documents show.