New Jersey Gov. Chris Christie hopes the lottery will be the ticket to helping solve the state’s problems fulfilling pension funds promised to public workers.
For months, the Republican has promoted the idea of handing control of the state lottery’s assets to the pension funds as a way to guarantee cash flows into the funds and to reduce unfunded liabilities.
A bipartisan bill to make the change was introduced in the state Legislature this week, about two weeks before lawmakers are required to pass the budget for the upcoming budget year.
Christie’s administration has said it will generate an average of more than $1 billion each year for the pension funds.
One municipal bond analyst says she’s not sure how much the move would boost the pension funds’ health.