Bloomberg Tax
March 8, 2022, 9:08 PM

N.J.’s Murphy Seeks Record $48.9 Billion for Pensions, Schools

Elise Young
Elise Young
Bloomberg News

New Jersey Governor Phil Murphy proposed a record $48.9 billion budget for fiscal 2023, buoyed by spending on pensions, education and tax rebates.

His plan seeks a $6.8 billion retirement-fund contribution, marking the second straight year he would make good on providing the minimum amount required by actuaries. That hasn’t happened since 1996, and as a result, New Jersey’s unfunded pension liability is at least $74.9 billion, one of the highest among U.S. states.

“We were told we’d certainly never meet our public-employee pension obligations,” Murphy said Tuesday in his budget address to lawmakers. “Not only did we do ...