Dems’ pension payment plan vetoed in New Jersey

Gov. Chris Christie has vetoed a bill requiring quarterly payments into New Jersey’s public pension fund and another measure calling for a $300 million payment into the system for fiscal year 2016.

Christie vetoed the bills backed by Democratic leadership on Monday.

Requiring quarterly payments into the nearly $80 billion system represents an improper intrusion on the executive’s prerogative to determine timing, Christie said. He also called the $300 million payment “accounting gimmickry.”

Lawmakers pursued the legislation in part to avoid shorting the fund in the future. They also sought to use $300 million in projected surplus to fund the pension.

The vetoes are the latest in a long-running feud between the Republican governor who is seeking his party’s nomination for president and state Democrats and union officials.

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