S-2810 is scheduled for a vote on Monday, November 21, 2016. The bill requires the state to make quarterly, rather than annual pension payments. The effect of this change would be to save the pension system and taxpayers billions of dollars over the long run.
CLICK HERE to urge your Senator to support responsible pension funding.
By front-loading payments, investments have the chance to grow throughout the year unlike an annual lump sum payment at the end of the fiscal year. Furthermore, quarterly payments lower the potential of reduced year-end contributions.
Christie vetoed this measure twice before, but the Senate President is optimistic about the bill’s prospects. Quarterly payments would be scheduled for Sept. 30, Dec. 31, March 31, and June 30. The law would take effect on July 1, 2017.
E-mail your state senator now by clicking HERE. Your voice will be crucial to ensuring passage of S-2810 and putting the state pension system on the path to fiscal health. Pensioners and taxpayers alike are relying on our state to fulfill its pension obligations, and this will happen when our elected officials hear from us.