Christie introduces plan to use lottery revenue for pensions

Markets Associated Press

Gov. Chris Christie is moving forward with his plan to dedicate the state lottery's revenues to address New Jersey's woefully underfunded public worker pension plans.

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Treasurer Ford Scudder on Thursday unveiled legislation that the administration wants lawmakers to introduce and approve to allow the plan to move forward.

The state says the plan would immediately reduce unfunded obligations by $13.5 billion for the state's separate pension funds for teachers, public employees, and police and firefighters. The state says that would raise the funded ratio of the retirement system from 45 percent to 59 percent.

It would provide $37 billion over 30 years.

Democratic Assembly Speaker Vincent Prieto says he continues to question whether it's an effective plan or gimmick, but will review the proposal.

Officials say nothing would change for customers.