Christie signs law for pension payment
TRENTON - Republican Gov. Chris Christie signed legislation Thursday requiring New Jersey to make quarterly payments to its debt-laden pension, a schedule supporters say could lead to returns of up to $200 million because of the early investment.
Christie signed the bill that passed the Democrat-led Legislature unanimously Nov. 21. He gave no statement about the signing.
Christie spokesman Brian Murray said, “This compromise legislation provides a budget neutral approach to funding our state pension obligation each quarter and opens the door for future pension reforms.”
Currently the state’s payment is made once a year. The payments, which have increased yearly under an agreement between Christie and lawmakers, stem from years of underpayments from both Democratic and Republican administrations.
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