Underfunded Public Pension Plans Could Hit the LotteryLast Edited:
Governor Chris Christie is moving forward with his plan to dedicate the state's lottery revenues to New Jersey's woefully underfunded public worker pension plans.
The Treasury Department unveiled legislation that the Christie administration wants lawmakers to introduce and approve.
State officials say the plan would immediately reduce unfunded obligations by $13.5 billion for the state's separate pension funds for teachers, public employees, police, and firefighters.
The state says that would raise the funded ratio of the retirement system from 45 percent to 59 percent.
Democratic Assembly Speaker Vincent Prieto says he continues to question whether it's an effective plan or a gimmick, but adds that he will review the proposal.
Officials say nothing would change for current state lottery customers.
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