By Samantha Marcus | NJ Advance Media for NJ.com
on March 01, 2017 at 9:31 AM, updated March 01, 2017 at 4:31 PM
TRENTON — Gov. Chris Christie used his budget address Tuesday to take a final stab at saving government worker pensions, proposing to dedicate revenues from lottery ticket sales to the distressed fund.
Christie suggested the state transfer the lottery to public pensions to provide a dedicated source of revenue and dramatically reduce the amount actuaries say the state owes.
Christie said pledging the lottery as an asset to the pension fund would have “the same effect as a cash infusion,” slashing $13 billion from the pension fund’s $66.2 billion in unfunded liabilities.
“This would also significantly reduce the amount we have to pay into the system every year out of the general fund,” he said. “If implemented correctly, this action would not only increase the value and stability of our pension funds immediately, but it would also please bond investors and credit rating agencies.”
Smoke & Mirrors.
Like taking diet advice from a fat guy.
It is not new funding. Just taking revenue earmarked for schools and vets and dedicating it to pensions.
What will this do to veteran’s services?
so much for the lottery money going to schools and senior citizens
That dollar is being stretched vey thin.
The public pensioners don’t care – they’ll suck us all dry of our last drop of blood to get what they think they “deserve”. The pension and platinum health benefits are too generous. Scale them back, big time.
Robbing Peter to pay Paul. Just shift all new hires to defined contribution plans like 401k or 403b plans. Will remove the idiots in Trenton and their union masters from the equation all together. And reduce health benefits now to private sector equivalent coverage not this gold plated coverage offered today.
9:48 unfortunately you and me only get 2 votes.