New Jersey Pension Fund Appears with 35% Yearly Hike
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The New Jersey Pension Fund is said to undergo 35% yearly increase. Chris Christie, the Governor of New Jersey, recently signed the $73.6 billion budget for fiscal 2018. This $73.6 billion New Jersey Pension Fund, Trenton will include $2.5 billion as the state contribution and $1 billion as State Lottery contribution.
Chris signed the $34.7 billion budget bill on Tuesday. The constitutionally mandated deadline for enacting the budget for fiscal year beginning on July 1 was June 30. But, a dispute between the Governor (Chris Christie) and the General Assembly Speaker (Vincent Prieto) led to the delay. For this reason, the state shut down all but essential services, resuming them on Wednesday.
The state’s $2.51 billion contribution for fiscal 2018 represents the 35% increase from the $1.86 billion for the 2017 fiscal year. The governor proposed a pension lottery bill in May. Following this, several state Senate and General Assembly members subsequently introduced and passed bills incorporating his recommendation.
The lottery is now a pension system asset. Based on an independent valuation of the state lottery, the state treasurer, Ford Scudder, issued a report in May. The report said that the lottery would add $37 billion to pension system during next 30 years. It will instantly raise the New Jersey Pension Fund’s overall funding ratio from 44.7% to 58.7%.
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