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 The panel of experts will be charged with "thinking big and being
bold when it comes to developing recommendations for how New Jersey
can create a sustainable retirement and health benefits system,"
Christie's office said in a statement.
The governor began calling for a new round of pension reform in
February but has yet to lay out specific proposals. New Jersey's
Democratic legislative leaders had worked with Christie, a possible
2016 Republican presidential candidate, to craft 2011 pension
reforms.
Those changes mandated annual increases in the state's pension
contribution to make up for years of skimping, with a target for
reaching the full actuarially required contribution of $4.8 billion
in fiscal 2018.
But in May, citing financial constraints, Christie slashed $904
million from the state's contribution to the pension system for
fiscal 2014. Using his budget veto powers, he then pushed through a
$1.57 billion reduction for this year's budget as well. The
reductions are the subject of ongoing lawsuits filed by union
members.
Christie will name pension study commission members in the coming
days, spokesman Michael Drewniak said in an email. The commission is
supposed to report its findings to Christie within 30 days.
The panel will examine a "soon-to-be-completed" review of potential
reforms being conducted by the state's Treasury department. It will
also look at reforms in other states and private sector retirement
benefits.
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State Senate President Steve Sweeney said on Friday that by slashing
state pension contributions, Christie had broken a promise to fund
the system.
"The problems will be fixed if he simply keeps his word and provides
the appropriate funding," Sweeney said in a statement. "Until the
governor decides to keep that commitment, there will be no further
discussion between us on pensions."
(Reporting by Hilary Russ in New York; Editing by Richard Chang)
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