Assembly Republican Press Release -
Assemblywoman Holly Schepisi today applauded the final passage of legislation that would commit the state to a schedule of quarterly pension payments, rather than a one year-end lump contribution in June. Schepisi is a prime sponsor of the bill.
“Although I was adamantly against a constitutional amendment that removed the financial flexibility lawmakers must have to manage the state’s finances, I have always supported a flexible solution that protects taxpayers,” said Schepisi (R-Bergen). “This bipartisan legislation will provide fiscal stability to our underfunded pension system and save billions of dollars in future costs for state taxpayers. I am proud to sponsor this legislation providing that stability for public retirees.”
The bill (A-4) amends state law to require the quarterly pension payments by Sept. 30, Dec. 31, March 31 and June 31 of each year. It was previously proposed as a constitutional amendment to mandate payments.