Assembly Budget Committee Moves Legislation Calling for Quarterly Pension Payment
The Assembly Budget Committee moved legislation, (A-3487 (Cyran)), June 24 that 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.
Specifically, the legislation compels the State to make its required contributions to the State-administered defined benefit pension systems each State fiscal year on a quarterly basis on July 15, October 15, January 15 and April 15. The State-administered defined benefit pension systems include: Teachers' Pension and Annuity Fund (TPAF), the Judicial Retirement System (JRS), the Prison Officers' Pension Fund (POPF), the Public Employees' Retirement System (PERS), the Consolidated Police and Firemen's Pension Fund (CPFRS), the Police and Firemen's Retirement System (PFRS) , and the State Police Retirement System (SPRS). The act would take effect immediately.
The legislation comes in response to this years cut and delay of pension payments in order to balance the state budget for Fiscal Year 2014 and Fiscal Year 2015.
NJSPA Statement in Support of Legislation