Which NJ state’s governor has the highest pension?
By Brian Rieser | ESPNcricinfo StaffThe New Jersey Legislature has approved a sweeping pension reform bill that could boost the state’s retirement income by $4.2 billion over the next decade, according to an analysis of public documents released by the state.
The state will pay more than $4 billion in additional payments to employees and retirees this year as a result of the legislation.
The bill passed by the Assembly and Senate last week allows the state to provide $2.2 trillion in annual pension payments to all employees, including a $400 billion increase for public employees over the coming decade.
The pension reform measure also would require the state pension system to provide additional funds to all workers in the state by 2019, while also providing additional pension funds for employees who work for the state and a plan to pay for it with more borrowing.
This comes after a year of tough economic times for the New Jersey economy.
The state is also facing a $4 trillion deficit for the first time since the state enacted a $1.5 trillion pension reform law in 2013.
The Legislature also approved a $3.8 billion plan to extend the state Pension Benefit Guaranty Corp., or PBGC, into 2019.
That proposal, however, faces a veto threat by Gov.
The governor said last week that he was opposed to extending the state government’s existing pension benefits beyond 2019, but has since said he would vote for the package.
The New York City Police Department is the only other state government department to have received a direct pension payment from the state since Gov.
Andrew Cuomo signed the bill in January 2017.
The NYPD, which employs more than 100,000 people, received $1 billion in payments last year.
The State Police received $3 billion in state and local payments in 2017, and $2 billion in 2017-18, according the state Department of Public Safety.
Other pension funds received payments totaling $2,936 million in 2017 and $1,878 million in 2018, the agency said.