Cryan Bill to Require Quarterly State Pension Payments Advanced by Assembly Panel

Legislation sponsored by Assemblyman Joseph Cryan that would require the state to make quarterly pension contribution payments received Assembly panel approval on Tuesday.

The bill (A-3487) would require the state to pay its pension contribution on July 15, October 15, January 15 and April 15 of each fiscal year rather than making a single contribution annually.

“Our state’s public workers deserve better than the broken promises of this administration,” said Cryan (D-Union). “Over the last few years, our teachers, police officers, firefighters and so many others who have served honorably in New Jersey have been penalized with a reduction in benefits by a governor who said he wouldn’t touch their pensions. Now, by deliberately disregarding the law and failing to make pension payments, he simply adds insult to injury with his budget proposal. The governor’s repeated abuse of power is just a Band-Aid response to his own irresponsible one-shot gimmicks.”

The legislation comes after the governor’s plan to cut and delay pension payments in order to balance the state budget for Fiscal Year 2014 and Fiscal Year 2015. Such action would further burden taxpayers by increasing the pension system’s unfunded liabilities in the future, Cryan said.

“Since the start of this administration, accountability from behind the governor’s desk has been nonexistent,” said Cryan. “With this legislation, we declare that enough is enough and stand up for the rights of our state’s hard-working middle class.”

The bill was released by the Assembly Budget Committee.