New Jersey Gov. Phil Murphy said the state will make a full payment into its pension system for the fourth consecutive year.
The full $7.2 billion payment, which includes contributions from the state lottery, brings the total contribution to the pension fund under Murphy to $39.9 billion, according to a Feb. 27 release by the governor's office.
"Back in 2021, when we first proposed this, it was the first time a full payment had been made into New Jersey's pension system in more than 25 years," Murphy said in his Feb. 27 budget address for fiscal 2025. "We have refused to abandon our commitments to our pension system, our public education system, and our public transit system."
In addition, Murphy said the budget will fund a new program called RetireReady NJ, which will "provide nearly every worker, particularly those who do not have a pension or 401(k), an option to invest in a retirement savings plan."
Enrollment in RetireReady NJ is free.
The New Jersey Pension Fund, Trenton, had $88.8 billion in assets according to the latest available data.
The entire budget proposed $55.9 billion in spending, and the legislature must approve it before the end of the fiscal year on June 30.
