Christie Seeks to Roll Back Pension Payments After Ruling [View all]

(Bloomberg) -- New Jersey Governor Chris Christie will seek to roll back pension-fund contributions in his next budget, a day after a judge said he broke state law by withholding $1.6 billion from the retirement system this year.

The 52-year-old Republican will present a spending plan Tuesday that seeks to contribute $1.3 billion to New Jersey’s government-employee pensions for the year starting July 1, according to a figure released by his office. That’s less than half the $2.9 billion it was scheduled to pay.

For the governor, the pension decision comes at a pivotal moment as he considers a run for the White House next year. After being dogged by a scandal over deliberate traffic jams at the George Washington Bridge and a struggling economy, Christie has sought to boost his national profile with trips across the U.S. and abroad. Now, he’s refocusing on New Jersey, where his approval rating has fallen to record lows, with his latest plan to manage revenue shortfalls and rising pension costs.

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http://www.bloomberg.com/politics/articles/2015-02-24/christie-seeks-to-roll-back-pension-payments-after-court-ruling