New Jersey Senate President Steve Sweeney is floating a new idea this week that public pensions in the Garden State should only be 85 percent funded in order to help state budgets. NJ.com reports that Sweeney is putting an idea before other officials that would require the state to fund only 85 percent of pensions, much like those offered in private sector plans. Sweeney says the state’s pension system is currently funded only at 54 percent due to the state skipping some payments that are mandated by law.
