Senate President Steve Sweeney (D-3) upbraided Gov. Chris Christie this afternoon in response to the front office vetoing of Sweeney’s legislation (S-3107/A-4606) to have the state make use of $300 million in 2015 surplus as a 2016 prepayment into the state’s pension system.
“This was the wrong decision,’ Sweeney said. “A prepayment would be the smart and prudent move to provide more fiscal stability and generate savings. It wouldn’t compensate for the governor’s failure to make the full, legally-required payment, but it would have been a step in the right direction.
“Every dollar we put in now saves three dollars in the future. Making this payment up front would generate millions in additional investment income at the same time it helps to reduce debt and protect against another downgrade in the state’s credit rating. Similar to my call for a national pension restructuring plan, this additional payment reduces taxpayer obligations to the pension system.”