New Jersey, like most other governments with troubled pensions, for years paid less than what it owed to its retirement system, and Gov. Phil Murphy says workers shouldn't pay the price for that. (Photo: Bloomberg)
(Bloomberg) –In New Jersey, some want public workers to give up benefits to fix the state's underfunded pension system. That's puzzling to Governor Phil Murphy.
“It's the state's fault that we've got the deficit we have,” Murphy, 61, said in an interview Thursday after speaking at the Global Climate Summit in San Francisco. “Why would you do that if it's the state's fault?”
New Jersey, like most other governments with troubled pensions, for years paid less than what it owed to its retirement system, resulting in one of the worst funded among U.S. states and pressuring its credit rating.
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