New Jersey officials did not immediately respond to requests for
comment on Saturday.
This would be Christie's second attempt at such a move and officials
from his administration will roll out a formal plan later this year,
the paper reported citing a person familiar with discussions on the
The state's existing defined benefit pension plan invests workers'
retirement funds and pays retirees benefits for life. In a 401(k)
workers make their own investments and employers can match their
employees' contributions. Public-sector unions have opposed
abandoning the current system.
New Jersey currently has an unfunded pension obligation of more than
(Reporting By Nick Carey; Editing by Bernard Orr)
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