PENSION FUND COULD GO BROKE BY END OF DECADE

A stern warning was given on Thursday. The pension system in New Jersey could be broke by the end of 2020. Senate President Steve Sweeney told a group of reporters that Gov. Chris Christie has not be working with the legislature to come up with ways to fix the system. Democrats and Christie have differing plans on how to fix the system. Christie wants the nine percent benefit increase in 2001 to be taken away, Democrats want to keep it in but have workers pay more. Christie’s plan also calls for the retirement age to be raised, for workers to contribute more, to freeze cost-of-living increases.

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