A bipartisan task force formed by New Jersey Senate President Steve Sweeney recommended Thursday that the state overhaul its pensions and school systems, among other changes, to address a cost “crisis.”
The Democratic lawmaker and the New Jersey Economic and Fiscal Policy Workgroup unveiled their report Thursday at the statehouse after what they said were months of reviewing issues that long burdened the state, particularly its public worker pension and retiree benefits.
Richard Keevey, a panelist on the committee and senior policy fellow at Rutgers Bloustein School of Planning and Public Policy, estimated the liability of pension and benefits is about $152 billion, compared with a fiscal 2019 state budget of $37.4 billion.