Prieto: Veto of Pension Prepayment Bill yet More Fiscal Irresponsibility by Christie

(TRENTON) – Assembly Speaker Vincent Prieto (D-Hudson/Bergen) released the following statement Monday after Gov. Christie vetoed legislation he sponsored (A-4606) to make a $300 million supplemental state appropriation for the last fiscal year for additional employer contributions to the state pension systems:

“Gov. Christie’s failure to make the required pension payment has put the state deeper in the fiscal trouble, led to state credit rating downgrades and hurt New Jersey’s economy. We proposed a balanced budget that fully funded our obligations, and this prepayment was part of our effort to move the state’s economy in the right direction.”
“The intent of this bill was to get that funding invested in the pension system as soon as possible. Doing so would have allowed for the earning of investment returns on the appropriated amount, but with this veto by Gov. Christie, all we have is yet another missed opportunity.
“Democrats remain committed to fiscal responsibility, and I will continue reviewing options to restore the health of the pension and benefits system. Gov. Christie needs to get on board and show some fiscal responsibility before we face even more credit downgrades and economic woes under his watch.”