New Jersey Gov. Chris Christie on Thursday signed into law legislation that would require the state to make quarterly payments to the $70.7 billion New Jersey Pension Fund, Trenton, rather than in a lump sum at the end of each fiscal year.
Beginning in the fiscal year that starts July 1, payments will be made Sept. 30, Dec. 31, March 31 and June 30 of each fiscal year.
The New Jersey General Assembly and Senate unanimously approved the legislation last month, with the Senate voting 35-0 and the Assembly voting 72-0.
The law affects only the timing of the payment to the pension fund — not the amount. Proponents of the legislation have said quarterly payments would help the pension fund to increase investment income.