June 29, 2021: L to R, Senate President Steve Sweeney, Assembly Speaker Craig Coughlin and Gov. Phil Murphy at the signing of the appropriatons act for the fiscal year 2022 budget
Buoyed by a recent windfall of tax revenue, Gov. Phil Murphy’s administration announced last week that it has already contributed $5.8 billion to New Jersey’s public-worker pension fund for the new fiscal year that began on July 1.
The hefty pension payment was made in a lump sum last week, instead of in separate installments at the close of each quarter of the fiscal year, which the state has generally done since 2017.
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