Sept. 30 marked New Jersey’s first scheduled public-employee pension-fund payment date under the “quarterly payments” law sponsored by state Senate President Stephen Sweeney.
This law mandates that the state make one-fourth of its annual budgeted pension contribution every calendar quarter. The state is no longer allowed to delay the entire payment until the end of the budget year.
A single payment is what the state usually made — if it made any pension payment at all. Under the new law, this year’s $2.5 billion pension payment is to be made in quarterly installments of about $600 million each. …read more
Source: NJ.com Cumberland