Lawmakers move to stop raids on NJ pension funds

TRENTON, N.J. - March 1, 2010

The Senate has scheduled a hearing Monday on a resolution that ultimately would be decided by voters because it changes the state constitution.

There is more than enough Senate support to move the resolution forward.

If voters approve the ballot question, the state and other public employers would be bound to make one-seventh of their pension contribution in the next fiscal year. They'd be required to increase the contribution by one-seventh every year until the entire portion is being paid in FY2017.

The state's full payment next year is about $3 billion.

The pension system for public workers, teachers, police and firefighters is underfunded by $46 billion and risks becoming insolvent.

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