Stephen Sweeney on Social Security

	Stephen Sweeney on Social Security

Close deficit in state retirement fund over next 7 years

SB 2 provides that beginning in 2011, the state is to make full annual employer's contribution to all state retirement systems. The state must make a payment of at least 1/7 of the full contribution, and makes a payment in each subsequent fiscal year by at least an additional 1/7, until payment of the full contribution is made.

Bloomberg News follow-up: Gov. Christie said the state may not be able to make a required pension payment. The state treasurer planned to make a $512 million contribution to the pension system in fiscal 2012, its first in four years. Christie said, "We'll make that contribution if the state is in a position to make that contribution." The governor skipped a $3 billion payment into the $67 billion fund in his first budget as he coped with a record $11 billion deficit. The fund had a deficit of $46 billion.

Legislative Outcome::Bill Passed Assembly, 62-9-9; Passed Senate, 34-2-4, March 22, 2010. Stephen Sweeney co-sponsored and voted YEA.

Source: Bloomberg News on 2010 New Jersey voting records for SB 2 , Mar 22, 2010

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