New Jersey Gov. Phil Murphy on Tuesday proposed a budget for the fiscal year starting July 1 that contains a $7.1 billion contribution to the state pension system.
If approved by the Legislature, the contribution would mark the third consecutive year the state will make its full actuarially determined contribution to the $83.7 billion New Jersey Pension Fund, Trenton.
The proposed contribution is a combination of the state's general revenue and proceeds from the state lottery, which is a pension system asset. The lottery has been counted on by state officials to provide about $1 billion a year for the pension contributions.
The budget "is designed to build even greater confidence in our direction and in our ability to honestly meet our obligations," Mr. Murphy said in describing his $53.1 billion budget proposal in a speech to a joint legislative session in Trenton.
The pension system contribution means the state is "keeping our word and meeting our obligation to the many thousands of men and women whose work makes our state run and keeps our state safe," he said.