SENATE BILL No. 2265
To the Senate:
Pursuant to Article V, Section I, Paragraph 14 of the New Jersey Constitution, I am returning Senate Bill No. 2265 without my approval. This bill would impose a new requirement that the State make its contributions to the State-administered defined benefit pension systems each State fiscal year on a "quarterly basis" and "on" the following dates: July 15, October 15, January 15 and April 15. The State-administered defined benefit pension systems are the Teachers' Pension and Annuity Fund, the Judicial Retirement System, the Prison Officers' Pension Fund, the Public Employees' Retirement System, the Consolidated Police and Firemen's Pension Fund, the Police and Firemen's Retirement System, and the State Police Retirement System.
This bill represents an improper and unwarranted intrusion upon the longstanding executive prerogative to determine the appropriate timing of payments in order to properly match the timing of large annual expenditures with the timing of the actual receipt of State revenues. Historically, all pension payments have been made at the end of the fiscal year and my administration has followed that same path after determining that it is the most appropriate time to make those payments. Simply wishing in a law that sufficient funds will be available on specific future dates does not change the fiscal realities of revenue collection during the course of a twelve-month year.
Accordingly, I am returning Senate Bill No. 2265 without my approval.
[seal] /s/ Chris Christie
/s/ Christopher S. Porrino
Chief Counsel to the Governor