Senate President Introduces Legislation to Invest Pension Funds In TTF Debt

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Senate President Stephen Sweeney and several other lawmakers introduced legislation this week that would allow the state to invest pension funds in New Jersey’s transportation debt.

The bill (S-2842/A-2842), introduced December 5, would authorize the state treasury to invest the assets of any pension or annuity fund in debt issued by the Transportation Trust Fund Authority and state Infrastructure Bank.

Sweeney, a Democrat, is scheduled to hold a press conference Thursday with Republican Sen. Dawn Addiego and Democratic Assemblyman Adam Taliaferro to unveil the proposal.

The measure comes several weeks after S&P cut New Jersey’s credit rating, the 10th downgrade since Gov. Chris Christie took office. The state now has the second-lowest rating in the nation.