NJBIA has joined other business groups to support Gov. Chris Christie’s plan to offset the state’s large public employee pension liability with NJ Lottery assets.
The Administration says the plan would use $13.5 billion to immediately shrink the gap, which is estimated to be between $49 billion, but some other calculations say could be as high as $136 billion.
“Shoring up the unfunded liability of the pension fund is critically important for the State’s long-term economic growth,” said NJBIA President and CEO Michele Siekerka.
So, the lottery funds will be diverted from education to reduce property taxes to pay for a costly pension plan withput changing the pension plan to be more in line with realty and the private sector? Where is the cost reduction? Where is the plan for funding education and reducing property taxes and all the other taxes in NJ. Another “plan” that just moves money around without solving the underlying problem.