The following is an article from NJ.com, here is a link to the article:
TRENTON — The New Jersey Senate today failed to override Gov. Chris Christie’s veto of a measure that would have made it harder for the state to cut pension payments at the last-minute to offset revenue shortfalls at the end of the fiscal year.
The bill (S2265) would have required the governor to make pension payments quarterly in July, October, January and April, instead of at the end of the fiscal year in June.
Sen. Robert Gordon (D-Bergen) said that spreading the payments out could have increased the likelihood the state would make its contribution.
Legislators introduced the measure following Christie’s move to balance the budgets ending in June and beginning in July by withholding $2.4 billion from planned pension payments when gross income tax collections came up short.
In his veto of the bill, Christie called it “an improper and unwarranted intrusion upon the longstanding executive prerogative to determine the appropriate timing of payments” so those expenditures line up with tax collection cycles.… Read the rest